Today is Wednesday, May 24, 2023.
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Intuit's Tax Season Revenue
A mixed bag of financial earnings results caused shares of Intuit (Nasdaq: INTU) to drop by 5% in after-hours trading on Tuesday.
Financials: Intuit reported earnings of $8.92 per share in the past quarter, which was better than expected. Revenue was $6 billion, below estimates for the past quarter, which included tax season.
Details: Revenue for Credit Karma dropped 12% due to headwinds in personal loans, home loans, auto loans and auto insurance.
Outlook: In the current quarter, Intuit projects revenue to grow 9% to 10% and earnings per share of $1.43 to $1.48; analysts expected higher numbers.
Stock: Intuit is up 15% this year, including a 1% increase in the last 30 days.
Final Thoughts: It was a bad tax season for Intuit as fewer consumers filed taxes with Intuit’s TurboTax software. The company could have a tough time recovering if there’s a recession.
Notable Earnings Today: Nvidia (Nasdaq: NVDA), Analog Devices (Nasdaq: ADI), Kohl's (NYSE: KSS), Snowflake (NYSE: SNOW), Xpeng (NYSE: XPEV), elf Beauty (NYSE: ELF), Bank of Montreal MicroSectors FANG Index (NYSE Arca: FNGD), Splunk (Nasdaq: SPLK), Petco Health and Wellness (Nasdaq: WOOF), Digital Turbine (Nasdaq: APPS), Abercrombie & Fitch (NYSE: ANF), UiPath (NYSE: PATH), Bank of Nova Scotia (NYSE: BNS), American Eagle (NYSE: AEO), Dorian LPG (NYSE: LPG), Collplant Biotechnologies (Nasdaq: CLGN), Red Robin Gourmet Burgers (Nasdaq: RRGB), Photronics (Nasdaq: PLAB), Zuora (NYSE: ZUO), America's Car-Mart (Nasdaq: CRMT), Dycom (NYSE: DY), Guess? (NYSE: GES), Modine Manufacturing (NYSE: MOD), The Children's Place (Nasdaq: PLCE).
Notable IPOs Today: Oxford Square Capital Corp. Right (Nasdaq: OXSQR), Exchange Listed Funds Trust (NYSE Arca: AIDB).
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET), FOMC Meeting Minutes (2:00 p.m. ET).
Palo Alto Networks Does It Again
Photo by Markus Spiske / Unsplash
Palo Alto Networks (Nasdaq: PANW) jumped 4.07% in after-hours trading on Tuesday thanks to solid results for the cybersecurity company.
Financials: Palo Alto Networks reported earnings of $1.10 per share in the past quarter, which was better than expected. Revenue was $1.7 billion, which was expected.
Growth: Revenue grew 24% in the quarter, and billings grew 26%.
Outlook: Palo Alto Networks also raised its guidance. The company expects revenue growth in the current quarter to be between 25% and 27%, and revenue growth for the full year to be between 25% and 26%.
Stock Price: Shares of Palo Alto Networks are up 37% this year, but are down 1% in the last 30 days.
Final Thoughts: Palo Alto Networks is capitalizing on two big technology trends in 2023: cybersecurity and artificial intelligence. The stock is near an all-time high.
Crypto Gets Hong Kong Approval
Most cryptocurrency prices ticked up on Tuesday after Hong Kong approved some retail crypto trading.
Final Thoughts: Starting on June 1, retail investors in Hong Kong can trade on specific registered platforms. It is a positive step for global crypto acceptance.
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Trends to Watch
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Brotherly Love: Homebuilder Toll Brothers Carves Through Mixed Housing-Market Signals With A 50% Profit Jump (Investor’s Business Daily)
Takeoff: Delta names former Six Flags executive its new COO (MarketWatch)
Not so Chill: Netflix’s password-sharing crackdown is here — and it costs $7.99 per month (The Verge)
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