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Intuit Inc.’s stock initially gained 4% in extended trading Tuesday after the software company reported fiscal fourth-quarter results that exceeded Wall Street analysts’ forecasts.
Meanwhile, the company’s board approved a $2 billion stock repurchase authorization, giving it a total authorization of $3.5 billion, and the board also approved a quarterly dividend of 78 cents per share, payable Oct. 18.
Intuit
INTU,
reported a net loss of $56 million, or 20 cents a share, compared with net income of $380 million, or $1.39 a share, in the year-ago quarter. Adjusted earnings were $1.10 a share.
Revenue declined 6% to $2.41 billion from $2.56 billion a year ago.
Analysts polled by FactSet expected earnings of 98 cents a share on revenue of $2.34 billion.
“We had a very strong fourth quarter, ending the year with momentum. We’re more confident than ever in our long-term business strategy as we power prosperity around the world,” Intuit Chief Executive Sasan Goodarzi said in a statement announcing the results.
The company also offered fiscal 2023 revenue and earnings guidance largely in line with estimates from analysts polled by FactSet. Intuit expects revenue between $14.49 billion and $14.7 billion, and adjusted earnings of between $13.59 and $13.89 a share. FactSet analysts, by comparison, are modeling $14.5 billion and $13.76 a share, respectively.
Shares of Intuit have cratered 30% this year, while the broader S&P 500 index
SPX,
has declined 13%.
