Intuit

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our target price to $715 from $612, on a P/E of 42x our NTM estimate of $17.03, above its three-year average. We raise our FY 24 forecast to $16.43 from $16.32 and up our FY 25 EPS view to $18.86 from $18.66. INTU posted Q2 revenue of $3.39B, in line with consensus, while non-GAAP EPS of $2.63 beat by $0.32. Strength in Small Business and Self-employed (+18.3% Y/Y) was driven by momentum in its Online Ecosystem of products (+21.4% Y/Y), offset slightly by Desktop Ecosystem (+10.1% Y/Y). Quickbooks Desktop Enterprise continues to grow at a strong pace (mid-teens in Q2), but capability enhancements on its online platform over time should encourage more migrations as the company nears the end of its three-year transition plan. Consumer […]

Intuit’s (INTU) fiscal Q2 exceeded expectations, with the small business segment being the primary upside driver, Oppenheimer said in a note Friday. The firm raised Intuit’s price target to $712 from $678 while keeping its outperform rating. Analysts, including Scott Schneeberger, said Intuit’s consumer segment, mainly TurboTax, faced challenges in the recent quarter due to a later start to the tax season compared to the previous year, while Credit Karma performed as expected. The company is sticking to its guidance for the fiscal year, with the revenue growth expectations for each segment unchanged, and the small business segment appearing to be more “conservative,” the analysts added. “Although fiscal 2024 TurboTax and Credit Karma revenue are cautiously guided below their long-term growth trends, we anticipate Intuit overall organic growth, driven by Small Business, to remain double-digits in fiscal 2024 and beyond,” the analysts said, adding that they expect “continued gradual margin

The following is a summary of the Intuit Inc. (INTU) Q2 2024 Earnings Call Transcript: Financial Performance: Intuit reported Q2 revenue of $3.4 billion, growing 11%, with GAAP operating income of $369 million, an increase of 37%. Non-GAAP operating income grew by 17% to reach $1 billion. Small Business and Self-Employed Group revenue increased 18% during the quarter; online ecosystem revenue saw a growth of 21%. The company reported GAAP diluted earnings per share of $1.25, and non-GAAP diluted earnings per share of $2.63, a 20% increase. The company repurchased $536 million of stock during the second quarter and approved a quarterly dividend of $0.90 per share. Business Progress: The company is working on Intuit Assist, an AI and machine learning technology aimed at automating financial management and tax filing. The integration of MailChimp with QuickBooks and TurboTax with Credit Karma is part of the company’s marketing strategy to increase

Piper Sandler analyst Arvind Ramnani maintains Intuit (NASDAQ:INTU) with a Overweight and raises the price target from $642 to $750.

Intuit Reports Strong Second Quarter Results and Reiterates Full Year Guidance Small Business and Self-Employed Group Revenue Grew 18 Percent MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–February 22, 2024– Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the second quarter of fiscal 2024, which ended January 31. “We had another strong quarter as consumers and small businesses continue to rely on Intuit’s platform to power their prosperity,” said Sasan Goodarzi, Intuit’s chief executive officer. “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.” Financial Highlights For the second quarter, Intuit: — Grew total revenue to $3.4 billion, up 11 percent. — Increased Small Business and Self-Employed Group revenue to $2.2 billion, up 18 percent; grew Online Ecosystem revenue to $1.7

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.