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Intuit (INTU) Posts Q1 Earnings Beat, Total Subscribers Up 41%

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Intuit Inc. (INTU - Free Report) just released its first quarter fiscal 2017 financial results after the bell, posting earnings of a loss of 11 cents per share and revenues of $778 million. INTU is a #3 (Hold) on the Zacks Rank, and is up 0.08% to $113.89 per share in after-hours trading.

Beat earnings estimates. The company reported earnings of a loss of 11 cents per share, topping the Zacks Consensus Estimate of a loss of 17 cents per share. This number excludes a penny from non-recurring items.

Beat revenues estimates. The company saw revenue figures of $778 million, surpassing our consensus estimate of $753 million and growing 9.1% year-over-year.

Intuit reported that total QuickBooks Online subscribers grew 41% to over 1.6 million. Outside the U.S., subscribers increased by 50% to 323,000, thanks to growth in the U.K., Australia, and Canada.

The company’s Small Business segment increased 11% in the quarter.

Looking ahead to Q2, revenue is expected to be in the range of $1.045 billion to $1.065 billion, up 13%-15%. GAAP diluted earnings per share should fall in the range of 12 cents to 15 cents.

“We are off to a strong start to the fiscal year with QuickBooks Online continuing to build momentum as we pursue large global market opportunities,” said Brad Smith, Intuit’s chairman and chief executive officer. “Customer growth is expanding globally in Canada, the U.K., and Australia, and QuickBooks Self-Employed is contributing to category growth worldwide.

Here’s a graph that looks at Intuit’s price, consensus, and EPS surprise:

INTUIT INC Price, Consensus and EPS Surprise

INTUIT INC Price, Consensus and EPS Surprise | INTUIT INC Quote

Intuit's mission is to revolutionize how people manage their financial activities. The company's objective is to greatly expand the world of electronic finance. Electronic finance encompasses three types of products and services: desktop software products that operate on customers' personal computers to automate financial tasks; products and services that are delivered via the Internet; and products and services that connect Internet-based services with desktop software to enable customers to integrate their financial activities.

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