Intuit Down Slightly After Q1 Earnings Beat

Intuit (NASDAQ: INTU) is down less than one percent in after hours trading after announcing its first quarter results.

The company reported a Q1 EPS of $(0.06) versus the Street estimate of $(0.10).

Earnings per share were down 100 percent from the year-ago period.

Revenue came in at $622 million versus the Street estimate of $603 million.

Sales were down four percent year-over-year.

"We are out of the gate strong in the first quarter, led by the rapid adoption of QuickBooks Online, which is accelerating our transition to the cloud and driving value for Intuit," Brad Smith, Intuit's President and CEO, said in a company release. "Cloud-based offerings provide superior benefits for small businesses, so we are making it as easy as possible for our QuickBooks customers, accountants and developers to move to the cloud.

"We're also gearing up for tax season and looking forward to getting our new offerings out to market in the coming weeks."

Intuit expects its Q2 EPS to be between $0.25 and $0.27 versus the Street estimate of $0.30.

Sales are expected to be between $890 million and $910 million versus the Street estimate of $913.6 million.

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.

Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ