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 home and personal loans, as well as auto insurance. The consumer group’s sales fell 5% to $492 million, as the Internal Revenue Service began accepting tax returns later than it did last year.
The TurboTax parent said it projects third-quarter adjusted EPS of $9.31 to $9.38 on revenue growth between 10% and 11%. Analysts polled by Capital IQ are looking for $9.70 and $6.61 billion, respectively.
The company continues to expect full-year adjusted EPS of $16.17 to $16.47 and revenue of $15.89 billion to $16.11 billion. The consensus estimates are $16.39 and $16.05 billion, respectively. The fiscal 2024 sales outlook implies growth of 11% to 12%, Intuit said.
“We have great momentum innovating across our products, and we’re well on our way to becoming the trusted assistant that our customers use to fuel their financial success,” Goodarzi said.