Intuit beats estimates on AI-driven tool demand, shares down on promotions delay

November 22, 2024 09:09 AM AEDT | By Investing

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Intuit beats estimates on AI-driven tool demand, shares down on promotions delay

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Investing.com - Intuit Inc (NASDAQ:INTU) on Thursday reported a better-than-expected quarterly results helped by growing demand for its AI-driven financial management tools.

The maker of TurboTax, Credit Karma, and QuickBooks has capitalized on the rising adoption of its AI-driven offerings, which provide personalized financial recommendations and automate tasks like bookkeeping.

Revenue for the first quarter, ended Oct.31, grew about 10% to $3.28 billion, while the estimates were of $3.18 billion. Excluding items, it earned $2.50 per share, ahead of the consensus of $2.36 per share.

The company projected second-quarter revenue between $18.16 billion and $18.347 billion, growth of approximately 12 to 13 percent.

"We are confident in delivering double-digit revenue growth and margin expansion this year, and we are reiterating our full year guidance for fiscal 2025." said Sandeep Aujla, Intuit 's chief financial officer.

However, the company said it was expecting a single digit decline in its Consumer Group revenue due to some promotional changes in retail channels largely related to its desktop offering. Despite the beat, shares slumped more than 8% around $622 in the extended trading.

In its guidance for the second quarter of fiscal year 2025, which ends January 31, the company projected revenue in the range of $3.812 billion to $3.845 billion.

This article first appeared in Investing.com

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