Tax and accounting software provider, Intuit (NASDAQ:INTU) will be reporting earnings tomorrow afternoon. Here's what you need to know.
Last quarter Intuit reported revenues of $6.02 billion, up 6.85% year on year, missing analyst expectations by 1.21%. It was a weaker quarter for the company, with a miss of analysts' revenue estimates.
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 9.46% year on year to $2.64 billion, improving on the 5.74% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.44 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. 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 Q4 earnings results, giving us a hint what we can expect. BlackLine delivered top-line growth of 12.5% year on year, beating analyst estimates by 0.43% and Bill.com reported revenues up 47.8% year on year, exceeding estimates by 4.75%. BlackLine traded up 1.53% on the results, Bill.com was down 2.58%.
Triggered by the Federal Reserve's hawkish stance on interest rates, shares of technology companies have been facing sell-off since 2022 and while some of the software stocks have fared somewhat better, they have not been spared, with share price declining 7.34% over the last month. Intuit is down 1.42% during the same time, and is heading into the earnings with analyst price target of $510.5, compared to share price of $489.4.
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The author has no position in any of the stocks mentioned.