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Intuit (INTU) Boosts NFL Partnership With Contract Renewal

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Intuit (INTU - Free Report) recently announced that it has renewed its partnership with the National Football League (NFL) for another four years. Per the extended contract, the company encourage NFL fans to participate, increase awareness on the importance of setting financial goals and celebrate its financial milestones.

Under the new partnership, Intuit will continue to act as the official financial and accounting software sponsor of the football league through 2026 and will include additional brands and business operations in support of its business.
INTU’s sponsorship will now include its newly acquired email marketing and automation platform, Mailchimp, for the NFL.

Further, Intuit TurboTax will perform as the presenting sponsor of the American Football Conference and National Football Conference Divisional games as well as Championship Games for the 2022 season. The TurboTax solution will get featured through co-branded event logos, promotional materials, press backdrops, and custom in-game segments in the 2022 games.

The partnership intends to provide NFL fans access to personal finance and small business tools that are required throughout the year. Later in the 2022 season, Intuit’s QuickBooks platform will be running a social campaign that will feature NFL players, including NFL Running Back Austin Ekeler. The campaign will further feature some of the fans’ favorite small businesses to discuss the importance of teamwork and design a game plan to succeed on field as a small business owner.

Intuit Inc. Price and Consensus

Intuit Inc. Price and Consensus

Intuit Inc. price-consensus-chart | Intuit Inc. Quote

The sponsored solutions will feature the favorite NFL players of fans across multiple social media and traditional media channels to celebrate success for football fans and their local communities. Intuit has kick-started #IntuitTouchdownDance challenge, a custom filter and song called Let’s Get Into It to celebrate financial milestones.

 

INTU is benefiting from strong momentum in online ecosystem revenues and solid professional tax revenues. The company’s strategy of shifting its business to cloud-based subscription model will help it generate stable revenues over the long run.

However, macroeconomic and geopolitical headwinds might significantly hurt small business operations, thereby posing risks for Intuit’s top-line growth in the near term. Higher costs and expenses due to increased investments in marketing and engineering teams are likely to continue impacting the bottom line in the near term.

Zacks Rank & Key Picks

Intuit currently carries a Zacks Rank #4 (Sell). Shares of INTU have lost 43.3% in the past year.

Some better-ranked stocks from the broader Computer and Technology sector are Celestica (CLS - Free Report) , Fabrinet (FN - Free Report) and Zscaler (ZS - Free Report) . While Celestica flaunts a Zacks Rank #1 (Strong Buy), Fabrinet and Zscaler carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Celestica’s fourth-quarter 2022 earnings has increased by 9 cents to 53 cents per share over the past 30 days. For 2022, earnings estimates have moved 16 cents up to $1.86 per share in the past 30 days.

CLS' earnings beat the Zacks Consensus Estimate in all the preceding four quarters, the average surprise being 11.8%. Shares of the company have moved down 1.3% in the past year.

The Zacks Consensus Estimate for Fabrinet's second-quarter fiscal 2023 earnings has been revised 16 cents northward to $1.89 per share over the past seven days. For fiscal 2023, earnings estimates have improved 7.6% to $7.48 per share in the past seven days.

FN’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, missing once, the average surprise being 5.4%. Shares of the company have gained 10.6% in the past year.

The Zacks Consensus Estimate for Zscaler's first-quarter fiscal 2023 earnings has been revised 7 cents north to 26 cents per share over the past 90 days. For fiscal 2023, earnings estimates have moved north by a penny to $1.18 per share in the past 60 days.

ZS' earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 28.6%. Shares of the company have declined 60.5% in the past year.


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