Technology

By Denny Jacob Intuit posted higher revenue in its latest quarter as key segments propelled the growth. The tax-preparation-software maker logged net income of $353 million, or $1.25 a share, for the second quarter ended Jan. 31, up from $168 million, or 60 cents a share, a year earlier. Adjusted earnings were $2.63 a share, above analysts’ estimates of $2.30 a share. Revenue grew 11%, to $3.39 billion, matching expectations of analysts’ polled by FactSet. Among Intuit’s segments, Consumer Group revenue declined 5% from a year earlier due to the later Internal Revenue Service opening this year, the company said. Credit Karma revenue was flat compared to the prior-year period, a positive sign after the unit has reported multiple consecutive quarters of declining revenue prior to the latest results. Its Small Business and Self-Employed Group surged 18% from the prior year, while ProTax Group revenue climbed 8% during the same […]

INTUIT Posts Q2 EPS $2.63, vs. Street Est of $2.31。

Intuit Sees Q3 Adj. EPS $9.31-$9.38 Vs $9.69 Est., Revenue Growth 10-11%。

Intuit Reiterates FY 2024 Guidance of $16.17-$16.47 in EPS on Revenue of $15.89-$16.105 Billion, Vs CIQ Analyst Consensus of $16.39/Share on Revenue of $16.05 Billion。

By Jon Swartz Intuit Inc.’s stock dipped 3% in after-hours trading Thursday despite the company posting quarterly revenue that met analysts’ estimates and earnings that surpassed them. “It was an excellent quarter despite the IRS shifting its [tax-filing] season later by one week,” Intuit (INTU) Chief Executive Sasan Goodarzi said in an interview. “We overperformed in what is typically our biggest quarter of the year.” Part of Intuit’s strategy this tax season is closely tied to artificial intelligence and to how its products Credit Karma, TurboTax Live and Intuit Assist use the technology to empower customers, Goodarzi said. “The next leg of growth is [generative] AI,” he said. The maker of tax-preparation software reported fiscal second-quarter net income of $353 million, or $1.25 a share, compared with net income of $168 million, or 60 cents a share, in the same quarter a year ago. Adjusted earnings were $2.63 a share.

By Eric J. Savitz Intuit posted better-than-expected profits for its fiscal second quarter ended Jan. 31, as the U.S. moves into tax season, always the most important part of the company’s year. The parent of TurboTax, Credit Karma, QuickBooks and Mailchip posted revenue for the quarter of $3.4 billion, up 11%, and about even with Street consensus estimates as tracked by FactSet. The company’s guidance had been for growth of 11% to 12%. Adjusted profits were $2.63 a share, well ahead of both the guidance range of $2.25 to $2.31 a share and the Street consensus forecast at $2.30 a share. Under generally accepted accounting principles, the company earned $1.25 a share, above guidance at 62 to 68 cents. CEO Sasan Goodarzi said in an interview with Barron’s that the better-than-expected profitability reflected both “strong topline” performance and improving margins, rather than any specific unusual factors. Revenue in Intuit’s “small

Intuit (INTU) reported fiscal Q2 non-GAAP earnings late Thursday of $2.63 per diluted share, up from $2.20 a year earlier. Analysts polled by Capital IQ expected $2.31. Total net revenue in the quarter ended Jan. 31 rose to $3.39 billion from $3.04 billion a year earlier. Analysts surveyed by Capital IQ expected $3.39 billion. In fiscal Q3, the company expects non-GAAP diluted EPS of $9.31 to $9.38. Analysts polled by Capital IQ expect $9.70. Revenue in the quarter ending April 30 is expected to increase 10% to 11%. In fiscal 2024, Intuit said it continues to expect non-GAAP diluted EPS of $16.17 to $16.47 on revenue of $15.89 billion to $16.11 billion. Analysts polled by Capital IQ expect normalized EPS of $16.39 on revenue of $16.05 billion. The company maintained its quarterly dividend at $0.90 a share, payable April 18 to shareholders of record April 10.

Intuit (INTU) late Thursday reported stronger-than-expected fiscal second-quarter earnings, while the financial technology platform’s bottom-line guidance for the current quarter trailed Wall Street’s estimates. Adjusted per-share earnings jumped to $2.63 during the three months ended Jan. 31 from $2.20 a year earlier, topping the consensus compiled by Capital IQ of $2.31. Revenue increased 11% to $3.39 billion, in line with the Street’s view. “We had another strong quarter as consumers and small businesses continue to rely on Intuit’s platform to power their prosperity,” Chief Executive Sasan Goodarzi said in a statement. Small business and self-employed group revenue advanced 18% year over year to $2.2 billion, led by a 19% rise in QuickBooks online accounting sales that came on the back of customer growth and higher prices, Intuit said. Credit Karma’s revenue was flat at $375 million as growth in money, credit cards and auto loans was offset by declines in