Intuit Stock Drops on Weak Q3 Guidance Despite Strong Q2 Performance
Intuit reported a robust fiscal second quarter, with adjusted earnings per share of $4.15, surpassing analyst estimates of $3.68. Revenue climbed 17% year-over-year to $4.65 billion, exceeding the $4.53 billion consensus. Adjusted operating income ROSE 23% to $1.5 billion, showcasing strong execution across its online ecosystem.
Despite the upbeat results, the company's third-quarter guidance disappointed investors. Intuit projected adjusted EPS of $12.45 to $12.51, below Wall Street's $12.97 expectation. The stock fell approximately 4% in premarket trading, extending its year-to-date decline to nearly 40%.
CEO Sasan Goodarzi emphasized Intuit's strategic focus on AI, describing it as a partner rather than a threat. The company recently inked a deal with Anthropic, underscoring its commitment to leveraging artificial intelligence. Intuit also announced a 15% increase in its quarterly dividend to $1.20 per share.
