Intuit Inc

Latest Results (07.08.2024):

Revenue Growth

Intuit Inc. reported a significant increase in total revenue for the third quarter of fiscal 2024, which ended on April 30. The company achieved a total revenue of $6.7 billion, marking a 12 percent growth compared to the same period last year. This growth was driven by strong performances across various business segments, including the Consumer Group and the Small Business and Self-Employed Group.

Consumer Group Performance

In the third quarter of fiscal 2024, Intuit Inc.'s Consumer Group revenue grew to $3.7 billion, reflecting a 9 percent increase from the previous year. The company expects TurboTax Live revenue to grow by 17 percent for the full fiscal year, reaching approximately $1.4 billion. This growth is attributed to an increase in average revenue per return and a rise in TurboTax Live units.

Small Business and Self-Employed Group

The Small Business and Self-Employed Group of Intuit Inc. saw a robust revenue growth of 18 percent in the third quarter of fiscal 2024, reaching $2.4 billion. The Online Ecosystem revenue within this segment also increased by 19 percent, driven by growth in payments, payroll, and Mailchimp offerings. QuickBooks Online Accounting revenue grew by 19 percent, supported by customer growth and higher effective prices.

Credit Karma Revenue

Intuit Inc.'s Credit Karma segment reported a revenue of $443 million for the third quarter of fiscal 2024, an 8 percent increase from the previous year. This growth was driven by strong performances in Credit Karma Money, credit cards, auto insurance, and personal loans. The segment's positive results contributed to the overall financial performance of the company.

Forward-looking Guidance

Intuit Inc. has raised its guidance for the full fiscal year 2024, expecting total revenue to be between $16.164 billion and $16.200 billion, representing a growth of approximately 13 percent. The company also anticipates GAAP operating income to grow by 21 to 22 percent, reaching between $3.815 billion and $3.835 billion. Non-GAAP diluted earnings per share are expected to be between $16.79 and $16.84, reflecting a growth of approximately 17 percent.