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 period due the timing of when tax forms were delivered.
Chief Executive Sasan Goodarzi said Intuit has momentum innovating across its products.
Intuit forecast revenue growth between 10% and 11% as well as adjusted earnings per-share in the range of $9.31 and $9.38 for the fiscal third quarter ending April 30. Analysts polled by FactSet expected third-quarter revenue of $6.61 billion, which equates to a 9.8% increase from the prior year, and adjusted earnings of $9.70 a share.
Write to Denny Jacob at denny.jacob@wsj.com