Business and financial management solutions company, Intuit Inc. (INTU) , posted a loss of $16 million for the fiscal fourth quarter. However, the company broke even for its reported adjusted earnings per share basis.
The company’s revenue of $634 million surpassed consensus estimates of $622.95 million. In addition, its quarterly dividend was increased 12 percent to 19 cents per share.
For the first quarter the company expects a loss of 10 cents to 11 cents per share on revenue of $595 million to $605 million. This estimate falls below the $620 million analysts were hoping for.
For the full year, the company now expects to earn between $3.52 and $3.60 per share with a revenue between $4.44 billion and $4.53 billion while analysts anticipate $3.56 per share on revenue of $4.53 billion.
Intuit, maker of products such as Turbotax and Quickens, made changes in order to focus on their core business. In August, it sold Intuit Financial Services for an estimated $1.03 billion while also selling Intuit health in the same month. In September, Intuit sold its website business for $60 million.
President and CEO Brad Smith believes that his company made the right moves in order to secure a successful future.
"We've seized the opportunity to capture lessons learned, make the necessary adjustments, and position the company for a stronger future as we look ahead," Smith said.
Inuit were at $63.14 a share when the market closed but shares dropped after hours.
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