People Believe Intuit Inc. (INTU)'s Model Isn't Working, Says Jim Cramer

We recently published 10 Latest Stocks on Jim Cramer’s Radar. Intuit Inc. (NASDAQ:INTU) is one of the stocks Jim Cramer recently discussed.

Software-as-a-service stock Intuit Inc. (NASDAQ:INTU) is up by a modest 6.3% as it sheds all gains made in May’s 14% jump. The shares rose in May after the firm’s third-quarter earnings unleashed pent-up momentum in the SaaS industry, courtesy of an all-around solid beat. However, Intuit Inc. (NASDAQ:INTU)’s shares have lost 15.7% over the past month as the firm missed analyst EPS guidance for its first quarter. Cramer’s previous comments about the firm have called it a “savior” for the small business sector and maintained that businesses just don’t realize how important Intuit Inc. (NASDAQ:INTU) is until they start using the firm’s products. However, this time he commented on the firm’s SaaS business model and the prevailing business sentiment:

“No then Intuit, people are saying well this software-as-a-service model doesn’t work.”

Before Intuit Inc. (NASDAQ:INTU)’s latest earnings, Cramer was quite positive about the company. Here is what he said:

“And then a company that I really love. Intuit. Which has, if you’re a small businessperson, they’re your savior. And I think that people don’t know it until you start a business and realize I can’t keep calling my accountant they cost too much money. They’ve got really positive AI stuff too.

“TurboTax, right. QuickBooks. But what’s happened is this that the TurboTax AI has exploded. 47% growth I was looking for 20%.”

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.