Technology

By Bill Peters Artificial intelligence is ‘delivering significant benefits to our customers and strong results across the company,’ CEO says Intuit Inc., the tech company behind TurboTax filing software and the personal-finance site Credit Karma, raised its full-fiscal-year profit and sales outlook on Thursday, following third-quarter results that topped Wall Street’s expectations. Management attributed those results in part to its adoption of artificial intelligence, as it tries to use that technology and other data to help people file taxes – with the aid of human experts – and deal with other business matters. The quarter also covered much of the tax season, when Intuit tends to get a boost in sales. Intuit (INTU) said it expects fiscal-year sales of $16.16 billion to $16.2 billion, or growth of around 13%. That’s up from a prior forecast for gains of 11% to 12%. The company also raised its full-year adjusted per-share profit […]

Intuit ratcheted up full-year guidance after earnings and sales climbed in its busiest fiscal quarter. The maker of tax-preparation software posted a profit of $2.39 billion, or $8.42 a share, for the three months ended April 30, up from $2.09 billion, or $7.44 a share, in the same quarter a year ago. Stripping out one-time items, earnings were $9.88 a share. Analysts polled by FactSet had been expecting adjusted earnings of $9.38 a share. Revenue rose to $6.74 billion from $6.02 billion in the year-ago quarter, topping analyst projections for $6.65 billion, according to FactSet. The top line of its consumer group was up 9% at $3.8 billion, while revenue from its small business and self-employed segment was up 18% at $2.4 billion. Credit Karma, its credit-checking personal finance site, logged 8% higher revenue on strength from its checking account, credit cards, auto insurance and personal loans offerings. Intuit now

Intuit Inc (NASDAQ:INTU) reported third-quarter earnings results for fiscal-year 2024 Thursday after the bell. Here’s a rundown of the report. Q3 Earnings: Intuit’s third-quarter revenue increased 12% year-over-year to $6.737 billion, beating the consensus estimate of $6.647 billion. The financial technology platform company reported adjusted earnings of $9.88 per share, beating analyst estimates of $9.37 per share. Small Business and Self-Employed Group revenue was up 18% year-over-year, while Consumer Group revenue climbed 9%. Online Ecosystem revenue was up 19%, Credit Karma revenue was up 8% and ProTax Group revenue was up 3% year-over-year. “The era of AI is one of the most significant technology shifts in our lifetime and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company,” said Sasan Goodarzi, CEO of Intuit. “I’m proud of our innovation and performance, and because of our momentum, we are raising

By Bill Peters Artificial intelligence is ‘delivering significant benefits to our customers and strong results across the company,’ CEO says Shares of Intuit Inc. fell after hours on Thursday, as the tech company behind TurboTax filing software and the personal-finance site Credit Karma warned of a decline in the number of people who use TurboTax for free. The drop came even as the company raised its full full-fiscal-year profit and sales outlook. Shares fell 6.4% after hours. Intuit (INTU) said it expects fiscal-year sales of $16.16 billion to $16.2 billion, or growth of around 13%. That’s up from a prior forecast for gains of 11% to 12%. The company also raised its full-year adjusted per-share profit forecast to $16.79 to $16.84, representing a roughly 17% increase, better than a previous call for growth of 12% to 14%. The company gave that forecast in the wake of the key tax season,