Intuit (INTU) came out with quarterly earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.29 per share. This compares to earnings of $2.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.85%. A quarter ago, it was expected that this maker of TurboTax, QuickBooks and other accounting software would post earnings of $1.98 per share when it actually produced earnings of $2.47, delivering a surprise of 24.75 ...

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Today, Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, introduced QuickBooks Solopreneur, a new product designed to meet the unique needs of one-person businesses. The comprehensive tool provides a number of easy-to-use features to help solopreneurs stay in control of their finances, create trackable goals, manage business expenses to stay tax-ready, and have the confidence to dr ...

Financial Performance - Total net revenue for the three months ended January 31, 2024, was $3,386 million, a 11.4% increase from $3,041 million in the same period of 2023[10]. - Service revenue reached $2,693 million for the three months ended January 31, 2024, up 11.4% from $2,418 million year-over-year[10]. - Net income for the three months ended January 31, 2024, was $353 million, compared to $168 million for the same period in 2023, representing a 110.7% increase[10]. - Basic net income per share increased to $1.26 for the three months ended January 31, 2024, from $0.60 in the same period of 2023[10]. - For the three months ended January 31, 2024, Intuit reported a comprehensive income of $371 million, compared to $192 million for the same period in the previous year, reflecting an increase of approximately 93%[15]. - The net income for the six months ended January 31, 2024, was $594 million, up from $208 million in the same period last year, representing a growth of about 185%[19]. - Total net revenue for the second quarter of fiscal 2024 increased by $345 million, or 11%, compared to the same quarter of fiscal 2023, reaching $3.386 billion[171]. - Operating income for the second quarter of fiscal 2024 rose by $99 million, or 37%, to $369 million, driven by increased revenue despite rising expenses[173]. - Net income for the second quarter of fiscal 2024 surged by $185 million, or 110%, to $353 million, with diluted net income per share increasing to $1.25 from $0.60 in the same quarter last year[174]. - Total net revenue for the first six months of fiscal 2024 increased by $726 million, or 13%, compared to the same period of fiscal 2023, totaling $6.364 billion[169]. - Operating income for the first six months of fiscal 2024 increased by $330 million, or 95%, reaching $676 million, reflecting a strong revenue growth[176]. - Net income for the first six months of fiscal 2024 increased by $386 million, or 186%, totaling $594 million, with diluted net income per share rising to $2.10 from $0.73[177]. Assets and Liabilities - Total current assets as of January 31, 2024, were $7,300 million, up from $5,557 million as of July 31, 2023[14]. - Total assets increased to $29,688 million as of January 31, 2024, compared to $27,780 million as of July 31, 2023[14]. - Total liabilities rose to $12,780 million as of January 31, 2024, from $10,511 million as of July 31, 2023[14]. - Intuit's total stockholders' equity as of January 31, 2024, was $16,908 million, a slight decrease from $17,269 million as of July 31, 2023[15]. - The total principal balance of debt was $6 billion as of January 31, 2024, down from $6.13 billion as of July 31, 2023[82]. - The company issued $3.96 billion in senior unsecured notes in September 2023, with $4 billion remaining outstanding as of January 31, 2024[87]. - The company remains compliant with all covenants governing its debt obligations as of January 31, 2024[89]. Cash Flow and Investments - Total cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period reached $4,441 million, compared to $1,549 million at the end of January 31, 2023, indicating a significant increase of approximately 186%[20]. - Intuit's operating cash flow for the six months ended January 31, 2024, was $516 million, down from $612 million in the same period last year, indicating a decrease of about 16%[19]. - The company reported a net cash provided by investing activities of $244 million for the six months ended January 31, 2024, compared to a net cash used of $704 million in the same period last year[19]. Shareholder Returns - The company plans to return excess cash generated by operations to stockholders through stock repurchases and cash dividends[9]. - The company declared dividends of $0.90 per share for the three months ended January 31, 2024, totaling $260 million, compared to $0.78 per share totaling $227 million in the same period last year, representing an increase of approximately 14%[15]. - Cash dividends declared totaled $521 million for the six months ended January 31, 2024, with a quarterly cash dividend of $0.90 per share declared for April 2024[116]. - The company repurchased $1,135 million worth of treasury stock during the six months ended January 31, 2024, compared to $1,017 million in the same period last year, reflecting a rise of approximately 12%[19]. - The company repurchased 2.1 million shares for $1.1 billion during the six months ended January 31, 2024, with an additional $2.3 billion authorized for future repurchases[113]. Revenue Segmentation - Small Business & Self-Employed segment revenue reached $2,245 million, up 18.3% from $1,897 million year-over-year[142]. - The QuickBooks Online Accounting revenue increased to $826 million, a 18.7% rise from $696 million in the prior year[142]. - The Consumer segment revenue was $492 million for the three months ended January 31, 2024, a decrease of 4.7% from $516 million in the same period of 2023[142]. - The Credit Karma segment revenue remained stable at $375 million for both the three months ended January 31, 2024, and 2023[142]. - Service revenue for the Small Business & Self-Employed segment increased by 18% year-over-year, amounting to $1.906 billion in Q2 FY24[185]. - Online Ecosystem revenue rose 21% in Q2 FY24, with Online Services revenue increasing by 24%, primarily due to payroll, payments, and Mailchimp offerings[188]. - QuickBooks Online Accounting revenue grew by 19% in Q2 FY24, attributed to an increase in customers and higher effective prices[188]. - Desktop Ecosystem revenue increased by 10% in Q2 FY24, mainly due to customer growth and price increases in QuickBooks Desktop and Enterprise subscriptions[190]. Operational Insights - The company expects to continue investing significantly in product development and marketing to drive future growth[9]. - Intuit anticipates that total service revenue as a percentage of total revenue will continue to grow[9]. - The company is focusing on AI-driven innovations and partnerships to enhance customer experiences and drive growth[158]. - The company is investing in AI and emerging technologies to enhance customer experience and drive revenue growth, focusing on a comprehensive financial platform with Credit Karma[168]. Legal and Compliance - The company continues to defend its interests in various legal proceedings, including a class action lawsuit and inquiries from the FTC, which could involve significant costs[125]. - The company recorded a one-time charge of $141 million related to a settlement agreement with state attorneys general, which was paid in the quarter ended January 31, 2023[126]. Miscellaneous - No customer accounted for 10% or more of total net revenue in the three or six months ended January 31, 2024, indicating a diversified customer base[41]. - The company reorganized certain technology functions, resulting in a reclassification of expenses totaling $10 million and $19 million from Small Business & Self-Employed segment to other corporate expenses for the three and six months ended January 31, 2023, respectively[26]. - The company has approximately 9,782 thousand non-vested RSUs remaining as of January 31, 2024, down from 11,894 thousand at July 31, 2023[122].

Intuit (INTU) is scheduled to report second-quarter fiscal 2024 results on Feb 22.The company projects year-over-year revenue growth of 11-12% to $3.362-$3.392 billion for the fiscal second quarter.The Zacks Consensus Estimate for revenues is pegged at $3.39 billion, indicating year-over-year growth of 11.36%.On a non-GAAP basis, Intuit anticipates earnings per share in the range of $2.25-$2.31. The consensus mark for earnings is pegged at $2.29 per share, suggesting a year-over-year rise of 4.09%.Intuit’s ...

Analysts on Wall Street project that Intuit (INTU) will announce quarterly earnings of $2.29 per share in its forthcoming report, representing an increase of 4.1% year over year. Revenues are projected to reach $3.39 billion, increasing 11.4% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Ahead of a company's earnings d ...

In the latest market close, Intuit (INTU) reached $664.28, with a +1.09% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.58%. At the same time, the Dow added 0.91%, and the tech-heavy Nasdaq gained 0.3%.Shares of the maker of TurboTax, QuickBooks and other accounting software witnessed a gain of 9.55% over the previous month, beating the performance of the Computer and Technology sector with its gain of 8.43% and the S&P 500's gain of 4.61%.The i ...

Intuit (INTU) ended the recent trading session at $653.07, demonstrating a +1.54% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.06%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 0.24%.Coming into today, shares of the maker of TurboTax, QuickBooks and other accounting software had gained 5.66% in the past month. In that same time, the Computer and Technology sector gained 12.39%, while the S&P 500 gained 6.45%.The upcomi ...

Intuit's new Atlanta office, home to Mailchimp, provides a best-in-class environment, amenities, and technology to enable Intuit employees to do the best work of their lives in a space designed for hybrid work. The goal was to create a place where employees would want to spend time collaborating with each other to propel creativity and innovation. (Photography by Seamus Payne)Intuit Mailchimp’s relocation signifies a new way of working for the world’s most creative tech brand and a deepened investment in th ...

The latest trading session saw Intuit (INTU) ending at $639.58, denoting a +1.06% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 1.07%. Meanwhile, the Dow gained 0.35%, and the Nasdaq, a tech-heavy index, added 1.74%.Shares of the maker of TurboTax, QuickBooks and other accounting software witnessed a gain of 7.85% over the previous month, beating the performance of the Computer and Technology sector with its gain of 4.83% and the S&P 500's gain of 2.93%.T ...

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today announced a new initiative with Khan Academy that aims to empower educators and students with free financial education tools. With the help of Khan Academy, Intuit is working toward its goal of engaging 50 million students with free learning resources by 2030. Intuit and Khan Academy have a shared goal to provide free finan ...