Business
Intuit Expects to Exceed Full Fiscal Year 2021 Guidance; Adjusts Third Quarter Expectations Reflecting Significant Revenue Shift Due to the IRS Filing Deadline Extension
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, Credit Karma and Mint, announced today that it expects to
About this update from Intuit Inc.
[{"type":"text","content":" MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nIntuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, Credit Karma and Mint, announced today that it expects to exceed the high end of its full year total company revenue, GAAP and Non-GAAP operating income, and GAAP and Non-GAAP earnings per share guidance provided on its fiscal second quarter earnings call on February 23. Intuit also announced that revenue and operating income for its third fiscal quarter were lower than expected due to the extension of the IRS tax filing deadline to May 17.\n\n\"The velocity of our innovation is accelerating, delivering benefits for our customers and growth across the company,\" said CEO Sasan Goodarzi. \"We're proud of the progress we've made and expect to exceed the top end of our guidance for the full year.\"\n\nThe business is experiencing the following trends by segment:\n\n\nSmall Business & Self-Employed Group: Growth of U.S. QuickBooks Online new customer acquisition, customer retention, charge volume per customer and the number of companies running payroll are all above pre-pandemic levels.\n\n\nCredit Karma: Credit Karma has experienced strong momentum, reaching an all-time record high in revenue during the month of March and for the quarter.\n\n\nConsumer Group: Intuit expects TurboTax Live customer growth to be up more than 70 percent and TurboTax share of total returns to be up year-over-year for the season.\n\n\nIntuit plans to update full fiscal 2021 guidance on its fiscal third quarter earnings call on May 25, after the IRS tax filing deadline on May 17.\n\nFor the third fiscal quarter ended April 30, the company expects to report:\n\n\nRevenue of $4.165 billion to $4.170 billion, down from the prior guidance range of $4.605 billion to $4.655 billion.\n\n\nSmall Business & Self-Employed revenue of $1.170 billion to $1.175 billion, Credit Karma revenue of $310 million to $315 million and Consumer Group revenue of $2.440 billion to $2.445 billion.\n\n\nGAAP operating income of $1.905 billion to $1.910 billion, down from the prior range of $2.180 billion to $2.220 billion.\n\n\nNon-GAAP operating income of $2.195 billion to $2.200 billion, down from the prior range of $2.475 billion to $2.515 billion.\n\n\nGAAP diluted earnings per share of $5.20 to $5.25, down from the prior range of $5.85 to $5.95.\n\n\nNon-GAAP diluted earnings p...