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Intuit Beats Q1 Expectations, Shares Rise

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Shares of Intuit Inc. (NASDAQ: INTU) jumped over 8 percent in after-hours trading on Thursday after the company reported better-than-expected results for its fiscal first quarter and raised its FY16 earnings outlook.

The Mountain View, California-based company posted a quarterly loss of $31 million, or $0.11 per share, versus a year-ago loss of $84 million, or $0.29 per share. On an adjusted basis, Intuit's adjusted earnings came in at $0.09 per share.

Its revenue climbed to $713 million from $612 million. However, analysts were expecting a loss of $0.04 per share on revenue of $670.37 million.

Total Small Business segment revenue rose 5 percent, while Consumer Tax revenue came in flat.

"We started the fiscal year the same way we ended the last, with strong momentum across our businesses as our intense focus on our global cloud strategy takes shape," said Brad Smith, Intuit's president and chief executive officer.

The company now projects full-year adjusted earnings of $3.45 to $3.50 per share, versus its earlier forecast of $3.40 to $3.45 per share.

For the current quarter, the company expects adjusted earnings of $0.17 to $0.20 per share, on revenue of $880 million to $900 million. Analysts projected earnings of $0.05 per share on revenue of $824 million.

Intuit shares jumped 8.15 percent to $105.36 in the after-hours trading session.

Posted-In: lossEarnings News Guidance

 

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