In its latest quarter, Intuit saw a surge in revenue across key segments, driving significant growth for the tax-preparation-software maker.
Strong Financial Performance
Intuit reported a net income of $353 million, or $1.25 per share, for the second quarter ended Jan. 31, a notable increase from $168 million, or 60 cents a share, in the previous year. Adjusted earnings came in at $2.63 per share, surpassing analysts’ expectations of $2.30 per share. Revenue also saw an 11% growth to reach $3.39 billion, aligning with analysts’ predictions.
Segment Performance
While the Consumer Group revenue faced a 5% decline due to the delayed Internal Revenue Service opening this year, the Credit Karma revenue remained stable compared to the previous year, signaling a positive turnaround after consecutive quarters of declining revenue. On the other hand, Small Business and Self-Employed Group saw an impressive 18% growth, and ProTax Group revenue climbed 8% due to the timing of tax form deliveries.
Future Outlook
Intuit’s Chief Executive, Sasan Goodarzi, highlighted the company’s momentum in innovation across its product portfolio. The company forecasts a revenue growth between 10% and 11%, with adjusted earnings per share projected in the range of $9.31 to $9.38 for the fiscal third quarter ending April 30.
Analysts anticipate a third-quarter revenue of $6.61 billion, indicating a 9.8% increase from the previous year, along with adjusted earnings of $9.70 per share.
For more information, please visit Intuit’s website.
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