Intuit Beats Q2 Expectations

Intuit Inc. INTU announced financial results Thursday for the second quarter of fiscal 2015, which ended January 31.

Revenue came in at $808 million, above estimates of $786.63 million and the $782 million reported in the prior year period.

Non-GAAP EPS was $(0.06), a narrower loss than the expected $(0.13) but below the $0.02 reported in the year-ago period.

 GAAP EPS was $(0.23) versus $(0.13) in the prior year period.

Fiscal Q2 2015 results reflected the impact of changes to future desktop software offerings; revenue for those offerings is now recognized as services are delivered, rather than up-front.

Brad Smith, President and CEO said, “We delivered a strong quarter, exceeding our company financial targets across the board. Our Small Business online ecosystem momentum continues to build, with steady subscriber growth again this quarter. On the heels of this performance, we’ve raised our QuickBooks Online subscriber guidance for this fiscal year.”

For fiscal Q3 2015 the company expected revenue of $2.075 billion to $2.150 billion. Analysts had expected $2.23 billion

Fiscal Q3 2015 Non-GAAP operating income was expected to range between $1.170 billion to $1.190 billion and non-GAAP earnings per share was expected at $2.70 to $2.75. Analysts expected non-GAAP EPS of 2.88.

For fiscal Q4 2015 the company guided that revenue would range between $720 million to $745 million. A non-GAAP loss per share of $0.06 to $0.08 was also expected.

For the full fiscal year of 2015, the company expected revenue of $4.275 billion to $4.375 billion, a decline of 3 to 5 percent. Analysts had expected $4.34 billion. Non-GAAP diluted EPS of $2.45 to $2.50 was also expected for the full year. Non-GAAP EPS of $2.47 was expected by analysts.

Intuit traded at $93.75 in the after-hours session, up 2.9 percent.