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Intuit stock falls after weak first quarter guidance

TAX SEASON
Michael Nagle | Bloomberg | Getty Images

Intuit shares slipped more than 3 percent Wednesday after the company said it expects a weak first-quarter.

On Tuesday, the tax preparation software provider announced it expects first-quarter revenue guidance of between $740 million and $760 million. Analysts expected $772.7 million for the first quarter of fiscal 2017, according to a Thomson Reuters estimate.

Intuit beat earnings and revenue estimates for its fourth quarter. The company reported earnings of 8 cents per share and and a revenue of $754 million, above Wall Street expectations for a loss of 2 cents per share on revenue of $744 million, according to estimates from Thomson Reuters.

"We're saving the individual about $3,500 a year in tax savings. It's a real win for them and it's a very simple app. We have really good adoption going with this product," CEO Brad Smith said about his company's cloud features on CNBC's "Squawk on the Street" Wednesday.

He also said the app can help users keep about $3,500 in tax savings.

"Our charge volume on credit cards was up about 15 percent this last quarter, which is healthy," Smith said.

Intuit's stock has risen 30 percent in the past year.

Intuit's 12-month performance:

--Reuters contributed to this report.