Early Bird
Posts
Intuit's Tax Season Revenue

Intuit's Tax Season Revenue

May 24, 2023

Today is Wednesday, May 24, 2023.

New to this newsletter? Sign up here.

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.

Notables

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.

Outperform the crowd by following the pros 🤙 (Sponsored)

Want to find out what full-time investors are talking about? The Rollup highlights the week's best podcasts, investment ideas & finance articles from professional asset managers. Join thousands of other smart investors who get the Rollup every Sunday.

Get it free