Intuit Q2 Earnings: EPS Beat, Revenue Up 11%, Soft Guidance And More

Intuit Inc INTU reported fiscal second-quarter financial results after the market close on Thursday. Here’s a rundown of the report.

Q2 Earnings: Intuit said second-quarter revenue increased 11% year-over-year to $3.39 billion, which was in line with the consensus estimate. The company reported quarterly adjusted earnings of $2.63 per share, which beat analyst estimates of $2.30 per share, according to Benzinga Pro.

Small Business and Self-Employed Group revenue was up 18% year-over-year and Online Ecosystem revenue was up 21%. ProTax Group revenue was up 8%, Credit Karma revenue was flat and Consumer Group revenue was down 5%.

Intuit said it ended the quarter with $1.5 billion in cash and investments.

“We had another strong quarter as consumers and small businesses continue to rely on Intuit’s platform to power their prosperity,” said Sasan Goodarzi, CEO of Intuit.

“We have great momentum innovating across our products, and we’re well on our way to becoming the trusted assistant that our customers use to fuel their financial success.”

Outlook: Intuit anticipates third-quarter revenue growth of 10% to 11%. The company sees third-quarter adjusted earnings in the range of $9.31 to $9.38 per share versus estimates of $9.69 per share.

Intuit reiterated full-year 2024 revenue guidance of $15.89 billion to $16.105 billion. The company also reiterated full-year adjusted earnings expectations of $16.17 to $16.47 per share.

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

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INTU Price Action: Intuit shares were down 2.12% after hours at $644 at the time of publication, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.