Intuit Inc. (Nasdaq: INTU) announced its financial results for the fourth quarter ended July 31, 2017, with both earnings and revenue topping expectations.
According to the statement, for the fourth quarter, revenue increased 12% to $842 million, beating analysts’ estimates of $804.6 million. Earnings per share for the fourth quarter was $0.20, which also beat estimates of $0.17 per share.
The company also announced its financial results for the full year 2017. Revenue increased 10% to $5.2 billion, and GAAP net income rose 12% to $1.4 billion. Non-GAAP operating income was up 12% to $1.7 billion. In addition, QuickBooks Online subscribers surpassed 100,000 in three global markets, including Canada, the U.K. and Australia.
For the first quarter of fiscal year 2018, the company expected the revenue to be between $840 million and $860 million, and GAAP operating loss was expected to be between $75 million and $85 million.
“We had an excellent finish to the quarter and full year across the company,” Brad Smith, the chairman and chief executive officer, said in the statement on Tuesday.
“Our efforts to drive innovation are improving the product experience and delivering meaningful results. These results also demonstrate the potential we see in our ecosystem, creating greater value for customers while building new sources of competitive advantage for Intuit,” he said.