Most of the “old tech” market giants navigated through Q3 earnings season unscathed. However, Intuit Inc. INTU took a 3.5 percent hit on Wednesday following its earnings release.
Intuit actually delivered strong beats on both earnings and revenue. The company reported EPS of $0.08, well ahead of expectations of a $0.02 loss. The tech giant also reported revenue of $754 million on the quarter, far surpassing consensus estimates of $733 million.
However, when it comes to the world of “old tech,” you can’t blame the market for looking to the future rather than the present. Despite the earnings beat, investors were disappointed with Intuit’s forward guidance, which sent shares plummeting. The stock seems to have stabilized in Thursday trading.
Even after the earnings dip, Intuit remains up 14.1 percent on the year.
Intuit joins fellow “old tech” stocks Applied Materials, Inc. AMAT and Cisco Systems, Inc. CSCO in more than doubling the returns of the SPDR S&P 500 ETF Trust SPY this year. Microsoft Corporation MSFT has also made new all-time highs this year. Intel Corporation INTC has lagged the market this year but is up more than 22 percent since its February lows.
The new tech giants may be dominating the headlines, but old tech still seems alive and well in the 2016 market.
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