Shares of Intuit slid in an extended session on Tuesday, after fourth quarter earnings superseded expectations of Wall Street investors.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.