Intuit lifts annual forecasts on demand for AI-powered financial products

INTUIT-RESULTS:Intuit lifts annual forecasts on demand for AI-powered financial products

Reuters
Updated24 May 2024
Intuit lifts annual forecasts on demand for AI-powered financial products
Intuit lifts annual forecasts on demand for AI-powered financial products

(This May 23 story has been republished to remove image)

By Jaspreet Singh

(Reuters) - Intuit posted a rise in third-quarter revenue and raised its annual forecasts on Thursday, as the maker of tax filing software TurboTax benefited from demand for its AI-integrated products during a robust tax season.

The company's tax-preparation software, personal finance portal Credit Karma and accounting software QuickBooks are in demand from small businesses and individuals for managing their finances. Intuit also offers AI-powered Intuit Assist, which is embedded across its products and helps small businesses and customers to make financial decisions with personalized recommendations. "We're going to be testing Gen-AI driven SKUs (stock keeping units) that do everything for you and you would pay extra for it," Sasan Goodarzi told Reuters in an interview. "This was first 'back to normal' tax season we've seen in the industry for total tax filers. It feels like we are ... out of the COVID-era," he said. Intuit now expects annual revenue between $16.16 billion and $16.20 billion, compared with its prior range of $15.89 billion to $16.11 billion. The mid-point of its updated annual revenue outlook was above analysts' average estimate of $16.05 billion, according to LSEG data. The company forecast revenue between $3.06 billion and $3.10 billion for the fourth quarter, compared with estimates of $3.04 billion. Its third-quarter revenue rose about 12% to $6.74 billion, narrowly beating estimates of $6.65 billion. Excluding items, it earned $9.88 per share, compared with estimates of $9.37. In the third quarter, revenue at its consumer group, which caters to individual customers, grew 9% to $3.7 billion

Revenue at its small business and self-employed group, which offers products such as accounting software QuickBooks, rose 18% to $2.4 billion.

Separately, the company said Joe Kauffman, president of Credit Karma, will become its CEO from Aug. 1 as founder-CEO Ken Lin plans to retire at the end of year.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Mohammed Safi Shamsi and Arun Koyyur)

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