Shares of Intuit (NASDAQ: INTU) jumped on Friday after the tax and accounting software leader delivered outstanding fiscal 2022 first-quarter earnings results.
As of 2:05 p.m. ET, Intuit’s stock price was up 9%.
The provider of TurboTax and QuickBooks software saw its revenue surge 52% year over year to $2 billion. That bested Wall Street’s estimates, which had called for revenue of $1.8 billion.
Credit Karma contributed a record $418 million in revenue. Intuit acquired the personal finance company for $7.1 billion in December to bolster its consumer finance platform.
Meanwhile, revenue in Intuit’s small business and self-employed group – which includes its QuickBooks accounting tools — rose 22% to $1.4 billion. Strong growth in the company’s online accounting services helped to fuel the gains.
Intuit delivered impressive first-quarter growth metrics. Image source: Getty Images.
“We are off to a strong start in fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses,” CEO Sasan Goodarzi said in a press release.
Intuit’s adjusted earnings per share soared 63% to $1.53. That, too, was well above analysts’ expectations. The consensus estimate for Intuit’s adjusted per-share profits had been for only $0.97.
Intuit lifted its full-year sales and profit forecast to account for these strong results, as well as the anticipated impact of its recent acquisition of marketing automation leader Mailchimp. The company’s guidance now calls for revenue and adjusted earnings per share to grow by roughly 27% and 19%, respectively, to $12.2 billion and $11.56. Intuit previously guided for revenue and profit growth of approximately 15.5% and 14.5%.
“With Mailchimp now part of the Intuit family, we are uniquely positioned to enable small- and mid-market businesses to combine their customer data from Mailchimp and purchase data from QuickBooks to deliver actionable insights they need to grow and run their businesses with confidence,” Goodarzi said during a conference call with analysts. “This is where the real magic happens.”
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