Intuit stock declines after the company shares lower future earnings guidance
Intuit stock witnessed the highest decline in almost a decade after the company shared lackluster future guidance. Intuit declared earnings which were as per market expectations. The stock declined 13 percent, mainly due to cautious future guidance.
In New York stock market, Intuit touched six month low as the stock slipped 13 percent to $89.28. Broader market was also down as Dow Jones declined over 500 points and Nada also slipped as investors turned cautious.
Mountain View, California-based Intuit Inc. said that it is planning to sell Quicken home accounting software and two other units. Intuit is also looking for a buyer for QuickBase and Demandforce.
The company is planning a major restructuring and will concentrate on small business tax segment in the United States and Canada.
Intuit expects to earn $3.4 – 3.45 per share in the current fiscal year with revenue estimated in $4.5-4.6 billion range. Market analysts were expecting earnings per share of $3.82 and revenue at $5.04 billion.
Intuit announced that the company will maintain and continue developing new features for Quicken till the time it finds a buyer for the software. Current users for Quicken will continue getting support from the company.
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