Intuit Inc. (NASDAQ: INTU), a manufacturer of accounting and tax computation software, has revealed its first quarter results for the fiscal year 2022. Management has raised their full-year projection due to strong sales and acquisitions.
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Individuals and organisations of all sizes may purchase TurboTax, QuickBooks, and Credit Karma software from Intuit. The company’s sales climbed by 52 percent year over year to $2 billion in the most recent quarter. The largest source of revenue is from small company and individual entrepreneur programmes, which brought in $1.4 billion in the latest quarter, up 22% year on year.
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Thanks to a personal finance startup purchased last year, Credit Karma’s Borrowing Toolkit generates a record $418 million in revenue. Mailchimp, a marketing automation company, was recently acquired by Intuit. Intuit is pursuing a goal to turn its software into an expert platform with artificial intelligence components, offering the most comprehensive set of business services.
Intuit can increase profitability by increasing its offering of cheap solutions and new accounting tools. Last quarter, adjusted earnings increased by 63 percent to $1.53 per share, above Wall Street analysts’ projections.
Based on recent acquisitions and excellent first-quarter fiscal 2022 performance, Intuit upped its full-year revenue and profit estimates. Revenues are expected to climb by 27% year over year to more than $12 billion, with adjusted profits per share increasing by 19% to $11.56.
INTU’s shares fell -4.44 percent to $661.63 at the end of the latest trading session. The company’s shares have increased by 5.67 percent in the previous five days and by 11.99 percent in the last month.