- Benefiting from demand for its AI-integrated products during a vigorous tax season, Intuit lifts its annual estimates on Thursday.
- Intuit stands out by a series of financial software, including QuickBooks, TurboTax and AI-powered Intuit Assist.
- Intuit anticipates annual revenue between $16.16 billion and $16.20 billion, compared with its previous estimates from $15.89 billion to $16.11 billion.
Intuit published an increased revenue of third-quarter and pushed up its annual forecasts on Thursday, as the producers of TurboTax, a tax filing software, benefited from its AI-powered products during a robust tax season.
Reasons for the rise
Intuit’s tax-preparation software, including personal finance portal Credit Karma and accounting software QuickBooks, have gained in popularity for both small businesses and individuals for finance management.
The company also provides AI-powered Intuit Assist that is embedded in its products and serves as an assistant for tailor-made financial decisions for both small businesses and individuals. “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, the company’s CEO, said. “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 added.
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Forecast & current revenue
Intuit now expects annual revenue from $16.16 billion to $16.20 billion compared with its previous estimates from $15.89 billion to $16.11 billion. The mid-point of its newest annual revenue was higher than analysts’ average estimate of $16.05 billion, according to LSEG data.
As for the fourth quarter, the company forecasts revenue between $3.06 billion and $3.10 billion, compared with its prior estimates of $3.04 billion. Its third-quarter counterpart increased about 12% to $6.74 billion, narrowly above the estimate of $6.65 billion. Meanwhile, revenue at its consumer group, grew 9% to $3.7 billion, while revenue at its small business and self-employed group grew 18% to $2.4 billion.
