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

Intuit Inc INTU reported third-quarter earnings results for fiscal-year 2024 Thursday after the bell. Here’s a rundown of the report.

Q3 Earnings: Intuit’s third-quarter revenue increased 12% year-over-year to $6.737 billion, beating the consensus estimate of $6.647 billion. The financial technology platform company reported adjusted earnings of $9.88 per share, beating analyst estimates of $9.37 per share, according to Benzinga Pro.

Small Business and Self-Employed Group revenue was up 18% year-over-year, while Consumer Group revenue climbed 9%. Online Ecosystem revenue was up 19%, Credit Karma revenue was up 8% and ProTax Group revenue was up 3% year-over-year.

“The era of AI is one of the most significant technology shifts in our lifetime and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company,” said Sasan Goodarzi, CEO of Intuit.

“I’m proud of our innovation and performance, and because of our momentum, we are raising Intuit’s revenue, operating income, and earnings per share guidance for the fiscal year.”

Q4, FY24 Guidance: 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.

Intuit now expects full-year 2024 revenue to be in the range of $16.164 billion to $16.2 billion versus estimates of $16.05 billion. The company expects full-year adjusted earnings to be between $16.79 and $16.84 per share versus estimates of $16.41 per share.

Intuit’s management team will hold a conference call to discuss the company’s quarterly results at 4:30 p.m. ET.

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INTU Price Action: Intuit shares were down 5.63% after hours Thursday at $626.99 at the time of writing, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.