Intuit Q1 looks good, QuickBooks Online users up

Wall Street was expecting a loss of 4 cents per share on revenue of $670.4 million.

Intuit published its latest quarterly results on Thursday after the bell.

The tax and accounting software company reported first quarter loss of $29 million, and a loss of 11 cents per share (statement).

Non-GAAP earnings saw earnings of 9 cents per share on revenue of $713 million.

Wall Street was expecting a loss of 4 cents per share on revenue of $670.4 million.

Intuit chief executive Brad Smith was upbeat about subscriber and financial targets for the quarter, even though the company missed on earnings per share.

"We started the fiscal year the same way we ended the last, with strong momentum across our businesses as our intense focus on our global cloud strategy takes shape," said Smith.

Other points to note from the report:

  • Increased QuickBooks Online subscribers by 57 percent
  • More than doubled QuickBooks Online subscribers outside the US to 215,000
  • Total number of QuickBooks Online subscribers now at 1.16 million
  • Total small business revenue up 5 percent
  • Online payroll customers grew 17 percent

The company ended the quarter with $474 million in cash and investments. For shareholders, a dividend of 30 cents will be paid out on January 19.

For the current quarter, Intuit said it aims to get earnings per share of between 1 cent and 4 cents, and between $880 million and $900 million in revenue.

It also hopes to get the total number of QuickBooks Online subscribers to 1.24 million.

Wall Street was expecting 5 cents per share on a revenue of $823.9 million.

Intuit ($INTU) closed up 0.8 percent at market close. In after-hours trading, its shares were up more than 7 percent.