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Intuit (INTU - Free Report) reported fiscal first-quarter 2024 non-GAAP earnings of $2.47 per share, beating the Zacks Consensus Estimate by 24.75%. The bottom line jumped 48.8% from the year-ago quarter.
Revenues of $2.97 billion beat the consensus mark by 3.6% and increased 15% year over year.
Small Business and Self-Employed Group revenues grew 18% year over year to $2.34 billion.
Within the segment, total Online Ecosystem revenues grew 20% year over year to $1.61 billion. QuickBooks Online Accounting revenues were up 19.5% year over year to $798 million. Online Services revenues, which include payroll, payments, time tracking and capital, grew 20.4% year over year to $820 million.
This was driven by strong performances of Mailchimp, QuickBooks Online payroll and QuickBooks Online payments solutions.
Within QuickBooks Online payroll, a mix-shift to INTU’s full-service offering and the continued uptick in the customer base acted as tailwinds. Within QuickBooks Online payments, an increase in the charge volume per customer and ongoing customer growth drove revenues.
Total international online revenues increased 16% year over year on a constant-currency basis.
Total Desktop Ecosystem revenues grew 13.6% year over year during the reported quarter to $726 million.
In the fiscal first quarter, revenues from Consumer Group increased 24.7% to $187 million. The increase in Consumer Group revenues reflects a strong finish to the tax extension season. The company saw stronger-than-expected tax return volume from states both with and without extended tax deadlines.
Further, ProTax Group's professional tax revenues increased by 23.5% year over year to $42 million.
The Credit Karma business contributed $405 million to Intuit’s fiscal first-quarter total revenues, down 4.7% year over year due to headwinds in personal loans, auto insurance, home loans and auto loans, partially offset by growth in credit cards and Credit Karma Money.
Intuit’s non-GAAP operating income climbed 45% to $960 million. Non-GAAP operating margin expanded 670 basis points to 32.2% year over year.
Balance Sheet and Cash Flow
As of Oct 31, 2023, Intuit’s cash and investments were $2.3 billion compared with $3.6 billion as of Jul 31, 2023.
The company exited the fiscal first quarter with long-term debt of $5.9 billion compared with $6.12 billion in the previous quarter. Intuit repaid the $4.2 billion outstanding on its unsecured term loan on Sep 15.
Intuit repurchased $603 million of shares, with $3.2 billion remaining on the company's share repurchase authorization.
INTU announced that its board approved a quarterly dividend of 90 cents per share payable on Jan 18, 2023. The newly approved dividend represents a year-over-year increase of 15%.
Outlook
For the fiscal second quarter of 2024, INTU expects revenues to grow between 11% and 12% on a year-over-year basis in the band of $3.362-$3.392 billion. Non-GAAP earnings for the quarter are estimated in the range of $2.25-$2.31 per share.
Intuit projects fiscal 2024 revenues in the band of $15.89-$16.105 billion, indicating 11-12% growth.
The company anticipates non-GAAP operating income between $6.155 billion and $6.26 billion.
Intuit’s fiscal 2024 non-GAAP earnings per share forecast stands between $16.17 and $16.47.
Zacks Rank & Key Picks
Intuit carries a Zacks Rank #3 (Hold) at present. Shares of INTU have gained 28.1% in the year-to-date period.
The Zacks Consensus Estimate for NVDA’s fourth-quarter fiscal 2024 earnings has been revised by 11 cents northward to $3.87 per share in the past seven days. For fiscal 2024, earnings estimates have increased by 11 cents to $11.01 in the past seven days.
NVIDIA's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 18.99%. Shares of NVDA have rallied 230.1% year to date.
The Zacks Consensus Estimate for NetEase's fourth-quarter 2023 earnings has been revised upward by 10 cents to $1.73 per share in the past 60 days. For fiscal 2023, earnings estimates have increased by 42 cents to $6.96 per share in the past 60 days.
NTES' earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, while missing the same on one occasion, the average surprise being 16.63%. Shares of NTES have gained 57.4% year to date.
The Zacks Consensus Estimate for Dropbox's fourth-quarter 2023 earnings has remained unchanged for the past 90 days at 48 cents per share. For fiscal 2023, earnings estimates have been revised 7 cents upward to $1.96 per share in the past 30 days.
DBX’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 13.14%. Shares of DBX have climbed 26.7% year to date.
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Intuit (INTU) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
Intuit (INTU - Free Report) reported fiscal first-quarter 2024 non-GAAP earnings of $2.47 per share, beating the Zacks Consensus Estimate by 24.75%. The bottom line jumped 48.8% from the year-ago quarter.
Revenues of $2.97 billion beat the consensus mark by 3.6% and increased 15% year over year.
Intuit Inc. Price, Consensus and EPS Surprise
Intuit Inc. price-consensus-eps-surprise-chart | Intuit Inc. Quote
Quarter in Detail
Small Business and Self-Employed Group revenues grew 18% year over year to $2.34 billion.
Within the segment, total Online Ecosystem revenues grew 20% year over year to $1.61 billion. QuickBooks Online Accounting revenues were up 19.5% year over year to $798 million. Online Services revenues, which include payroll, payments, time tracking and capital, grew 20.4% year over year to $820 million.
This was driven by strong performances of Mailchimp, QuickBooks Online payroll and QuickBooks Online payments solutions.
Within QuickBooks Online payroll, a mix-shift to INTU’s full-service offering and the continued uptick in the customer base acted as tailwinds. Within QuickBooks Online payments, an increase in the charge volume per customer and ongoing customer growth drove revenues.
Total international online revenues increased 16% year over year on a constant-currency basis.
Total Desktop Ecosystem revenues grew 13.6% year over year during the reported quarter to $726 million.
In the fiscal first quarter, revenues from Consumer Group increased 24.7% to $187 million. The increase in Consumer Group revenues reflects a strong finish to the tax extension season. The company saw stronger-than-expected tax return volume from states both with and without extended tax deadlines.
Further, ProTax Group's professional tax revenues increased by 23.5% year over year to $42 million.
The Credit Karma business contributed $405 million to Intuit’s fiscal first-quarter total revenues, down 4.7% year over year due to headwinds in personal loans, auto insurance, home loans and auto loans, partially offset by growth in credit cards and Credit Karma Money.
Intuit’s non-GAAP operating income climbed 45% to $960 million. Non-GAAP operating margin expanded 670 basis points to 32.2% year over year.
Balance Sheet and Cash Flow
As of Oct 31, 2023, Intuit’s cash and investments were $2.3 billion compared with $3.6 billion as of Jul 31, 2023.
The company exited the fiscal first quarter with long-term debt of $5.9 billion compared with $6.12 billion in the previous quarter. Intuit repaid the $4.2 billion outstanding on its unsecured term loan on Sep 15.
Intuit repurchased $603 million of shares, with $3.2 billion remaining on the company's share repurchase authorization.
INTU announced that its board approved a quarterly dividend of 90 cents per share payable on Jan 18, 2023. The newly approved dividend represents a year-over-year increase of 15%.
Outlook
For the fiscal second quarter of 2024, INTU expects revenues to grow between 11% and 12% on a year-over-year basis in the band of $3.362-$3.392 billion. Non-GAAP earnings for the quarter are estimated in the range of $2.25-$2.31 per share.
Intuit projects fiscal 2024 revenues in the band of $15.89-$16.105 billion, indicating 11-12% growth.
The company anticipates non-GAAP operating income between $6.155 billion and $6.26 billion.
Intuit’s fiscal 2024 non-GAAP earnings per share forecast stands between $16.17 and $16.47.
Zacks Rank & Key Picks
Intuit carries a Zacks Rank #3 (Hold) at present. Shares of INTU have gained 28.1% in the year-to-date period.
Some better-ranked stocks from the broader Computer and Technology sector are NVIDIA (NVDA - Free Report) , NetEase (NTES - Free Report) and Dropbox (DBX - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVDA’s fourth-quarter fiscal 2024 earnings has been revised by 11 cents northward to $3.87 per share in the past seven days. For fiscal 2024, earnings estimates have increased by 11 cents to $11.01 in the past seven days.
NVIDIA's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 18.99%. Shares of NVDA have rallied 230.1% year to date.
The Zacks Consensus Estimate for NetEase's fourth-quarter 2023 earnings has been revised upward by 10 cents to $1.73 per share in the past 60 days. For fiscal 2023, earnings estimates have increased by 42 cents to $6.96 per share in the past 60 days.
NTES' earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, while missing the same on one occasion, the average surprise being 16.63%. Shares of NTES have gained 57.4% year to date.
The Zacks Consensus Estimate for Dropbox's fourth-quarter 2023 earnings has remained unchanged for the past 90 days at 48 cents per share. For fiscal 2023, earnings estimates have been revised 7 cents upward to $1.96 per share in the past 30 days.
DBX’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 13.14%. Shares of DBX have climbed 26.7% year to date.