From CNBC: 2024-11-21 17:05:25

Intuit CEO Sasan Goodarzi spoke at the opening night of the Intuit Dome in Los Angeles. Intuit shares dropped 6% in extended trading due to a revenue forecast for the current quarter that missed estimates. Earnings per share were $2.50 vs. 2.35 expected, with revenue at $3.28 billion vs. 3.14 billion.

Revenue increased by 10% year over year, with net income falling to $197 million from $241 million a year ago. For the fiscal first quarter, results exceeded estimates but second-quarter guidance was weak. Intuit expects a single-digit revenue decline in the consumer segment due to promotional changes for TurboTax.

Intuit forecasts second-quarter earnings of $2.55 to $2.61 per share, with revenue of $3.81 billion to $3.85 billion. For the full year, Intuit expects $19.16 to $19.36 in adjusted earnings per share on revenue of $18.16 billion to $18.35 billion. Revenue growth is expected to be between 12% and 13%.

Revenue from the Global Business Solutions Group reached $2.5 billion in the first quarter, up 9% from estimates. CreditKarma revenue came in at $524 million, above StreetAccount’s $430 million consensus. Intuit shares were up about 9% in 2024, while the S&P 500 gained almost 25%.

Intuit CEO Goodarzi stated that a mobile app for federal income tax filing is already available to all Americans. He mentioned he is in communication with leaders of the incoming presidential administration. Intuit shares fell 5% after reports of President-elect Donald Trump’s proposed free tax-filing app.



Read more at CNBC:: Intuit (INTU) Q1 earnings report 2025