Intuit beats expectations but lowers fiscal 2023 revenue forecast

November 29, 2022 4:51 PM EST

By Liz Moyer -- Intuit (NASDAQ: INTU) beat expectations for both revenue and earnings per share for the first quarter.

The financial software company reported adjusted earnings per share of $1.66, beating the estimate by 47 cents. Revenue of $2.6 billion compared with the estimate of $2.5B.

Shares of Inuit fell 1.7% in after-hours trading. They are down 41% so far this year.

Revenue was $2.6B for the maker of TurboTax and other accounting software.

The company has previously said its Credit Karma division was experiencing deterioration across all verticals in the last few weeks of the first quarter. "Despite this impact to Credit Karma, we are reiterating operating income and earnings per share guidance for fiscal year 2023,” said Michelle Clatterbuck, Intuit’s chief financial officer, in a statement.

Intuit also forecast full year 2023 fiscal revenue of $14.035B to $14.250B, growth of approximately 10% to 12%, down from previous guidance of growth of approximately 14% to 16%.

Intuit's stock price closed at $379.71. It is down -10.76% in the last 3 months and down -41.79% in the last 12 months.

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