Intuit Inc. (NASDAQ:INTU) stock rose 2.14% (As on August 25, 11:46:16 AM UTC-4, Source: Google Finance) after the company issued underwhelming revenue guidance. QuickBooks Online accounting revenue grew 22 percent for the quarter and 26 percent for the year. Growth in the quarter was driven primarily by customer growth, higher effective prices, and mix shift. Online services revenue grew 20 percent for the quarter and 34 percent for the year. Growth in the quarter was driven by growth in payroll, Mailchimp and payments. Total international online revenue grew 12 percent for the quarter and 31 percent for the year on a constant currency basis. TurboTax Online units declined 5 percent and total TurboTax units declined 5 percent for the year. The company believes this was driven by taxpayers who filed in order to receive pandemic-era stimulus and tax credits during the past several years but did not file taxes this season. The decline in Credit Karma revenue in the quarter was driven by macroeconomic headwinds in personal loans, auto insurance, home loans and auto loans, partially offset by growth in credit cards and Credit Karma Money.

INTU in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.66, beating the analysts’ estimates for the adjusted earnings per share of $1.43. The company had reported the adjusted revenue growth of 12 percent to $2.71 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $2.64 billion.

However, its fiscal first quarter revenue projection of $2.6 billion to $2.88 billion fell at the low end of analysts’ $2.88 billion consensus estimate. Q1 FY 24 Non-GAAP diluted earnings per share is expected to be in the range of $1.94 to $2.00. Fiscal 2024 revenue is expected to be in the range of $15.890 billion to $16.105 billion, growth of approximately 11 to 12 percent and Non-GAAP diluted earnings per share of $16.17 to $16.47.

Additionally, the company has reported a total cash and investments balance of approximately $3.7 billion and total debt of $6.1 billion as of July 31. Approximately $4.2 billion of this debt is maturing over the next 15 months and the company is evaluating refinancing opportunities, subject to market and other conditions. the company repurchased $2.0 billion of stock during fiscal year 2023. The Board approved a new $2.3 billion repurchase authorization, giving the company a total authorization of $3.8 billion to repurchase shares. the company has received Board approval for a quarterly dividend of $0.90 per share, payable on October 17, 2023. This represents a 15 percent increase versus last year.