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Intuit Stock Falls After Fourth-Quarter Earnings, Announcement of CFO Replacement

Intuit Stock Falls After Fourth-Quarter Earnings, Announcement of CFO Replacement
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Shares of Intuit slid in an extended session on Tuesday, after fourth quarter earnings superseded expectations of Wall Street investors. Shares fell by 1% to $136.44 after hours of trading.

Net income of the financial software company increased to $24 million, which if calculated on per share price, comes to 9 cents per share. This came with a loss of $40 million or 16 cents a share a year before, and the adjusted earnings were 20 cents a share. The company recorded a revenue growth of $842 million compared to the previous year’s $754 million.

Analysts from FactSet estimated adjusted earnings of 17 cents a share on a revenue of $809 million, which the company has beaten.

Amidst the stock slide, the company announced a shuffle at the top level when it decided to replace the current Chief Financial Officer R. Neil Williams. Williams will be replaced by Michelle Clatterbuck, who will assume the new position in January.

Analysts have given a forecast of first quarter adjust earnings of 11 cents a share on a projected sales revenue of $851 million. Stocks of Intuit gained more than 20% YTD; just to show how significant this is, S&P 500 index gained only 9.5% YTD.


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Anirudh Menon
Anirudh Menon
I have adorned multiple hats during my professional journey. My experience of 14 years comes in areas like Sales, Customer Service and Marketing. My journey as a professional writer started 5 years back, when I started writing for an in-house magazine for my employer. Having successfully delivered many in-house projects, it encouraged me to take my skill to the world. As on day, I have written articles, blogs website content for various industries like Information Technology, Start-up, Retail and Government. The subjects that I have covered range from Digital Marketing, SAP Cloud Platform, Cloud Computing, Content Marketing , Politics. Enhancement is a process and I constantly thrive to add more subjects in my portfolio. Over and above content writing, I also train language and communication to students who want to brush up their speaking skills. I am a part time trainer for IELTS coaching and also work as a budding voice over artist.

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