Earnings To Watch: Intuit (INTU) Reports Q1 Results Tomorrow

Radek Strnad /
2024/05/22 3:01 am EDT

Tax and accounting software provider, Intuit (NASDAQ:INTU) will be reporting earnings tomorrow after the bell. Here's what to look for.

Intuit met analysts' revenue expectations last quarter, reporting revenues of $3.39 billion, up 11.3% year on year. It was a slower quarter for the company, with full-year revenue guidance missing analysts' expectations and a miss of analysts' billings estimates.

Is Intuit a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Intuit's revenue to grow 10.4% year on year to $6.64 billion, improving from the 6.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $9.38 per share.

Intuit Total Revenue

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Intuit has missed Wall Street's revenue estimates twice over the last two years.

Looking at Intuit's peers in the finance and HR software segment, some have already reported their Q1 results, giving us a hint as to what we can expect. BlackLine delivered year-on-year revenue growth of 13.3%, beating analysts' expectations by 1.5%, and Dayforce reported revenues up 16.4%, topping estimates by 1.3%. BlackLine traded down 1.6% following the results while Dayforce was also down 6%.

Read our full analysis of BlackLine's results here and Dayforce's results here.

There has been positive sentiment among investors in the finance and HR software segment, with share prices up 3.2% on average over the last month. Intuit is up 5.8% during the same time and is heading into earnings with an average analyst price target of $696.6 (compared to the current share price of $667.66).

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