Intuit Inc

Intuit Inc. delivered an all-around beat in the previous quarter, buoyed by a 15% growth in total revenue. Small Business and Self-Employed Group revenue surged 18%, while Consumer Group revenue witnessed a commendable 25% growth. This positive trajectory was, however, tempered by a 5% decline in Credit Karma revenue, aligning with Q1 expectations given prevailing macroeconomic conditions. Maintaining the momentum, Intuit reiterated its full-year guidance for fiscal year 2024, underscoring the resilience of the Consumer Group revenue, especially propelled by a strong conclusion to the tax extension season. Intuit’s commitment to AI-driven excellence was evident across various fronts. The Credit Karma platform harnessed data and AI for personalized experiences, TurboTax Live leveraged innovation to provide rapid and confident tax solutions, and Intuit Assist, powered by GenAI, offered financial guidance akin to expert consultations. The launch of Intuit Assist marked a pinnacle in the company’s multi-year investment in data and AI. They also introduced QuickBooks Bill Pay, a new solution seamlessly integrated into Intuit QuickBooks. This solution revolutionizes bill payment for businesses and provides automated accounts payable (AP) functionality.