Intuit Posts Strong Q3 On Higher AI Adoption To 'Reinvigorate' Growth

Core Insights - Intuit Inc reported strong fiscal first-quarter earnings, with revenues exceeding consensus estimates by 3% and demonstrating broad-based momentum across its businesses [1][2][3] Financial Performance - Revenues increased by 18% year-on-year to $3.885 billion, surpassing the consensus of $3.756 billion [2] - Non-GAAP earnings were reported at $3.34 per share, exceeding expectations of $3.09 per share [2] - TurboTax Live experienced a significant revenue growth of 51% despite the first quarter typically being light for tax [5] AI Adoption and Strategy - Approximately 2.8 million customers utilized Intuit's AI agents across various services, indicating accelerating AI adoption [2] - The execution of the AI strategy is expected to reinvigorate the company's growth in the coming years [2] Market and Segment Performance - The company achieved broad-based revenue growth of 18%, with solid contributions from both small business and consumer segments [3] - Concerns regarding soft growth in the Global Business Solutions segment were alleviated by the latest results, which showed multi-pronged upside across premium mix, subscriber growth, and market expansion [4] Analyst Ratings and Price Targets - Goldman Sachs maintained a Buy rating with a price target of $680 [6] - RBC Capital Markets reaffirmed an Outperform rating with a price target of $850 [6] - BofA Securities also reaffirmed a Buy rating with a price target of $800 [6]