Tax and accounting software provider, Intuit (NASDAQ:INTU) will be reporting earnings tomorrow after the bell. Here's what to look for.
Last quarter Intuit reported revenues of $2 billion, up 51.7% year on year, beating analyst revenue expectations by 10.6%. It was a very strong quarter for the company, with an impressive beat of analyst estimates and an exceptional revenue growth.
Is Intuit buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Intuit's revenue to grow 72.4% year on year to $2.71 billion, improving on the 7.07% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.82 per share.
The company missed Wall St's revenue estimates twice over the last two years.
Looking at Intuit's peers in the finance and HR software segment, some of them have already reported Q2 earnings results, giving us a hint what we can expect. Avalara (NYSE:AVLR) delivered top-line growth of 34.8% year on year, beating analyst estimates by 5.84% and BlackLine (NASDAQ:BL) reported revenues up 20.4% year on year, exceeding estimates by 1.56%. Avalara traded down 9.97% on the results, BlackLine was down 15.7%. Read our full analysis of Avalara's results here and BlackLine's results here.
It seems that the volatility in the software stocks has somewhat calmed down for now, with stocks down on average 1.93% over the last month. Intuit is down 4.45% during the same time, and is heading into the earnings with analyst price target of $607.7, compared to share price of $493.
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The author has no position in any of the stocks mentioned.