Intuit Beats Q2 Revenue Then Tanks on Weak Q3 Guidance
Intuit posted strong Q2 numbers but spooked investors with a soft Q3 forecast right before peak tax season.
Intuit crushed its second-quarter revenue target, pulling in $4.65 billion — a 17% year-over-year jump that topped the $4.53 billion Wall Street was expecting. Good numbers. Investors should be happy, right?
Not so fast. The TurboTax parent then dropped a Q3 forecast that landed like a wet towel. The company projected roughly 10% revenue growth for next quarter, with earnings-per-share guidance falling short of analyst expectations.
That's a problem. Q3 overlaps with peak tax season — Intuit's bread and butter. Soft guidance during your most important quarter is never a great look.
Shares dropped more than 5% in after-hours trading as Wall Street digested the mismatch between a solid present and a lukewarm near-term outlook. The beat-and-lower playbook strikes again.