Intuit drops as quarterly forecast misses estimates due to revenue getting delayed

Core Insights - Intuit's shares fell 6% in extended trading after the company issued a revenue forecast for the current quarter that was below analysts' expectations due to delayed sales [1] Financial Performance - For the fiscal first quarter, Intuit reported adjusted earnings per share of $2.50, exceeding the expected $2.35, and revenue of $3.28 billion, surpassing the forecast of $3.14 billion [2] - Revenue increased by 10% year over year, while net income decreased to $197 million (70 cents per share) from $241 million (85 cents per share) a year ago [2] - The company anticipates a single-digit decline in revenue from the consumer segment for the second quarter due to promotional changes, but this will not impact the full fiscal year [3] Future Guidance - For the second quarter, Intuit expects earnings per share between $2.55 and $2.61, with revenue projected at $3.81 billion to $3.85 billion, compared to the consensus of $3.20 per share and $3.87 billion in revenue [3] - For the full fiscal year, Intuit forecasts adjusted earnings per share of $19.16 to $19.36 and revenue between $18.16 billion and $18.35 billion, indicating revenue growth of 12% to 13% [4] Segment Performance - Revenue from the Global Business Solutions Group was $2.5 billion in the first quarter, reflecting a 9% increase and aligning with estimates [5] - CreditKarma generated revenue of $524 million, exceeding the consensus estimate of $430 million [6]