Intuit Inc. (NASDAQ: INTU) stock fell over 0.6% on November 20th, 2020 pre-market session after the company posted mixed results for the first quarter of FY 21.
During the first quarter, there has been 28% rise in QuickBooks online accounting revenue, 17% rise in Online Services revenue and 51% rise in total international online revenue. The company delivered $119 million of Consumer Group revenue and $23 million of professional tax revenue in the ProConnect Group for the first quarter.
INTU in the first quarter of FY 21 has reported the adjusted earnings per share of 94 cents, while reported the adjusted revenue growth of 14 percent to $1.32 billion in the first quarter of FY 21.
Additionally, INTU at the end of October 2020, had a total cash and investments balance of approximately $5.8 billion. The company projects to use approximately $3.6 billion of cash as part of consideration for the Credit Karma acquisition. The company in the first quarter did not repurchase any shares, as share purchases were temporarily suspended in conjunction with the Credit Karma acquisition. $2.4 billion still remains on the company’s authorization. The company has declared a quarterly dividend of $0.59 per share, payable January 19, 2021, which represents an 11 percent increase compared to the same period last year.
For the second quarter of fiscal year 2021, the company expects revenue growth to be in the range of approximately 8 to 9 percent and Non-GAAP diluted earnings per share to be in the range of $1.31 to $1.34.
For full fiscal year 2021, the company expects revenue to be in the range of $8.265 billion to $8.415 billion, which represents growth to range between approximately 8 to 10 percent. FY 21 Non-GAAP operating income is expected to be in the range of $2.960 billion to $3.010 billion, growth of approximately 11 to 13 percent. Fiscal 2021 Non-GAAP diluted earnings per share is expected to be in the range of $8.40 to $8.55, growth of approximately 7 to 9 percent.
for fiscal year 2021, the company expects mall Business and Self-Employed Group revenues to grow in the range of approximately 8 to 10 percent, Consumer Group revenues to grow in the range of approximately 9 to 10 percent and ProConnect Group revenues to grow in the range of approximately 0 to 1 percent.