Intuit Posts Strong Q3 Results and Increases Full-Year Outlook

Published 14 hours agoINTU

Intuit Posts Strong Q3 Results and Increases Full-Year Outlook

Intuit Inc. delivered robust fiscal third-quarter results, prompting the company to raise its full-year revenue forecast. The Small Business and Self-Employed Group spearheaded growth with a notable 18% rise in revenue, reaching $2.38 billion, as reported by markets.businessinsider.com. This positive performance comes alongside a 19% increase in Online Ecosystem revenues, totaling $1.8 billion, and a 19% boost in QuickBooks Online Accounting revenues to $860 million.

Credit Karma, part of Intuit's portfolio, also contributed positively with a 36% increase in revenue to $443 million, driven by strength in credit cards, personal loans, and auto insurance offerings. The company's non-GAAP operating income climbed by 10.5% to $3.71 billion, achieving a non-GAAP operating margin of 55.1%.

For the fiscal year 2024, Intuit has raised its revenue forecast to a range of $16.164 billion to $16.2 billion, suggesting a 13% increase. The company anticipates non-GAAP operating income between $6.36 billion and $6.38 billion, with earnings per share expected to fall between $16.79 and $16.84. These updates underline Intuit's robust performance and strategic focus on sustaining growth throughout the year.

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