Intuit Q1 Earnings: EPS Beat, Revenue Up 15%, Data And AI 'Core To Our Strategy'

Intuit Inc INTU reported fiscal first-quarter financial results Tuesday after the close. Here's a rundown of the report and a look at what appears to be pushing shares higher after hours.

Q1 Earnings: Intuit said first-quarter revenue increased 15% year-over-year to $2.978 billion, which beat the consensus estimate of $2.878 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $2.47 per share, which beat analyst estimates of $1.98 per share.

Small Business and Self-Employed Group revenue was up 18% year-over-year and Online Ecosystem revenue was up 20%. Credit Karma revenue was down 5%, Consumer Group revenue was up 25% and ProTax Group revenue was up 24%. 

Intuit ended the quarter with $2.3 billion in cash and investments and $5.9 billion in debt. 

"We had a very strong first quarter, starting our fiscal year with momentum. With data and AI core to our strategy, we're accelerating innovation across our global financial technology platform to power the prosperity of consumers and small businesses," said Sasan Goodarzi, CEO of Intuit.

Outlook: Intuit reiterated full-year 2024 revenue guidance of $15.89 billion to $16.105 billion versus estimates of $16.02 billion. The company also reiterated full-year adjusted earnings expectations of $16.17 to $16.47 per share versus estimates of $16.36 per share. 

Shares appear to be moving higher on the back of the company's better-than-expected quarterly results. Management will hold a conference call at 4:30 p.m. ET.

See Also: Intuit, NetApp And 3 Stocks To Watch Tuesday

INTU Price Action: Intuit shares were up 1.05% after hours at $571 at the time of publication, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.