Intuit results exceed expectations

Intuit Inc. (NASDAQ: INTU) reported its latest financial results for the first quarter of fiscal 2023, which ended October 31, after the market close in the US on Tuesday.

The US software company beat both revenue and earnings per share (EPS) estimates for the quarter.

Intuit reported revenue of $2.597 billion (up by 29% year-over-year) vs. $2.497 billion expected.

EPS reported at $1.66 per share (an increase of 8% year-over-year) vs. estimate of $1.194 per share.

”We had a strong first quarter as we innovated and delivered on our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses,” Sasan Goodarzi, CEO of the company said in a statement.

”We continue to see proof that the benefits of our financial technology platform are more mission-critical than ever to our customers in an uncertain macro environment,” Goodarzi added.

The stock was down by 1.54% on Tuesday at $378.96 a share.

Stock performance

• 1 month: -2.68%
• 3 month: -11.31%
• Year-to-date: -40.27%
• 1 year: -41.10%

Intuit price targets

• Keybanc: $450
• Morgan Stanley: $520
• Credit Suisse: $500
• BMO Capital: $467
• Barclays: $490
• Wells Fargo: $525
• Stifel: $475
• Citigroup: $538
• Deutsche Bank: $560

Intuit is the 118^th largest company in the world with a market cap of $108.70 billion.

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Sources: Intuit Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap