© Reuters Intuit shares fall 2% despite Q4 beat
Intuit (NASDAQ:) shares fell more than 1% in pre-market Friday despite the company reporting better-than-expected Q4 results.
Q4 came in at $1.65, better than the consensus estimate of $1.43. Revenue grew 12% year-over-year to $2.7 billion, beating the consensus estimate of $2.64B.
“We had a very strong fourth quarter, ending the year with momentum, as we executed our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses,” said CEO Sasan Goodarzi.
For Q1/24, the company expects EPS in the range of $1.94-$2.00, compared to the consensus of $1.99. Revenue growth is expected to be in the range of 10-11%.
For the full year, the company sees EPS at $16.17-$16.47, compared to the consensus of $15.95, and revenue of $15.89-$16.105B, compared to the consensus of $15.99B.
Stifel analysts hiked the price target by $75 to $550 per share on Buy-rated INTU stock.
“We believe the consistent performance in a quarter where many SMB-centric names have faltered exhibits the strength of the Intuit platform growth flywheel and expect the company to further differentiate itself with announcements around Gen AI at its Innovation and Analyst Days in September,” they said.
CFRA analysts also raised the price target, going to $540 from $485 per share.
“We think the slightly disappointing outlook could reflect continued softness from macro headwinds in the Consumer Group and Credit Karma businesses, but would use any weakness as a buying opportunity.”
Additional reporting by Senad Karaahmetovic
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