What's Going On With Intuit Stock Friday?

Intuit Inc. INTU shares are trading lower on Friday in the premarket session. 

Yesterday, after the closing bell, Intuit reported third-quarter results. Revenue increased 12% year over year to $6.737 billion, beating the consensus estimate of $6.647 billion.

Check This Out: Intuit Q3 Earnings: EPS Beat, Revenue Beat, Guidance Bump, AI Momentum And More

During this tax season, the company’s revenue surpassed projections due to increased customer preference for premium features, outperforming expectations, Bloomberg reported.

The period ending April 30, which encompasses tax season, is pivotal for the maker of TurboTax and other financial software.

Intuit has recently focused its TurboTax software towards individuals facing complex tax scenarios, offering online expert assistance. The company has also enhanced AI features in its products. These investments seem fruitful, with TurboTax users spending 10% more on their filings this year compared to last, Bloomberg added.

For the full fiscal year, Intuit expects TurboTax Live revenue to grow 17% to $1.4 billion, representing approximately 30% of total Consumer Group revenue. The average revenue per return is likely to increase by approximately 10%. Intuit expects TurboTax Live units to grow 12% and TurboTax Online paying units to grow approximately 2%, versus total IRS returns growth of 1%.

Intuit anticipates fiscal fourth-quarter revenue of $3.063 billion to $3.099 billion versus estimates of $3.04 billion. The company sees adjusted earnings in the range of $1.80 to $1.85 per share versus estimates of $1.93 per share.

In an interview with CNBC, the company’s CEO, Sasan Goodarzi ,said, “We’re doing more with less investments thanks to AI.”

The company’s adjusted operating income jumped a whopping 11% year over year to $3.712 billion.

As of April 30, the company reported a total cash and investments balance of approximately $4.7 billion and $6.0 billion in debt.

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Price Action: INTU shares are trading lower by 5.33% to $626.98 premarket at last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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