Intuit Inc. reported robust third-quarter results and raised its full-year outlook, fueled by strong demand for its AI-powered financial software and a busy U.S. tax filing season. The company’s shares jumped over 8% in after-hours trading following the announcement.
Third-Quarter Performance Exceeds Expectations
For the quarter ending April 30, Intuit’s revenue rose 15% to $7.75 billion, surpassing analysts’ estimate of $7.56 billion. Adjusted earnings per share reached $11.65, beating the predicted $10.91. Revenue growth was driven by gains across its product lines, including TurboTax, Credit Karma, and QuickBooks. The Consumer Group revenue increased 11%, while the Global Business Solutions Group grew 19%, with the Online Ecosystem segment up 20%. Credit Karma revenue surged 31%.
Strong Fourth-Quarter Outlook
Intuit forecasted fourth-quarter revenue between $3.72 billion and $3.76 billion, well above the average analyst estimate of $3.51 billion. Adjusted earnings per share are expected between $2.63 and $2.68, also exceeding estimates. The company now anticipates full-year revenue growth of approximately 15%, up from a previous forecast of 12-13%.
AI Integration and Product Strategy
The company plans to launch AI agents—automated systems that perform tasks for users—within weeks. These will be integrated into the QuickBooks suite to enhance financial management capabilities. CFO Sandeep Aujla indicated that Intuit will revamp its product lineup and introduce new pricing structures. Customers will be able to select and pay for specific AI agents tailored to their needs, such as accounting or finance agents.
Tax Season Boost and User Trends
The U.S. tax filing period from January 27 to April 15 significantly contributed to Intuit’s strong quarterly results, with many taxpayers using TurboTax software. Although total TurboTax Online filings are expected to decline slightly by about 1% in fiscal 2025, paying users are projected to grow by 6%. The number of users filing taxes for free via TurboTax is expected to drop by roughly 2 million to 8 million, reflecting a strategic shift toward assisted and paid services.
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