Intuit Q1 results beat estimates

The company said it increased QuickBooks Online subscribers by 41 percent to end the quarter with 1.6 million paid subscribers.

Intuit delivered solid first quarter earnings and revenue Thursday after the bell.

The personal and small business financial software maker reported a Q1 net loss of $30 million million, or 12 cents per share.

Non-GAAP earnings were 6 cents per share on top of revenue of $778 million, up 9 percent year over year.

Wall Street was expecting earnings of 3 cents per share with $756.11 million in revenue. Intuit's shares were up around 2 percent after hours.

Intuit said it expects Q2 EPS ranging from a 33 cents a share to 36 cents a share, which falls in line with analyst estimates for 34 cents a share. Revenue is expected to range from $1.045 billion to $1.065 billion, well above current estimates of $998 million.

As for the rest of Intuit's portfolio, the company said it increased QuickBooks Online subscribers by 41 percent to end the quarter with 1.6 million paid subscribers. Intuit's QuickBooks Self-Employed product also saw subscriber growth on the up, ending the quarter with 110,000 users. Intuit said sales from its consumer tax products totaled $60 million.

"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 Intuit CEO Brad Smith in prepared remarks. "Customer growth is expanding globally in Canada, the UK, and Australia, and QuickBooks Self-Employed is contributing to category growth worldwide."

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