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Intuit Reiterates Operating Income and Earnings per Share Guidance for Fiscal Year 2023; Expects to Report First-Quarter Results Above Guidance
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks,
About this update from Intuit Inc.
[{"type":"text","content":" MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nIntuit Inc. (Nasdaq: INTU) the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, today reiterated its full fiscal year 2023 operating income and earnings per share guidance. Ahead of its first quarter fiscal 2023 earnings announcement on November 29, 2022, the company expects to report results for first quarter fiscal 2023 above guidance that it reiterated at Investor Day on September 29, 2022.\n\n“We continue to be bullish on our small business and tax businesses, which made up 86 percent of our revenue last year, and we expect each of these segments to meet our previously issued revenue guidance for the year as we continue to accelerate innovation across the company,” said Sasan Goodarzi, Intuit’s chief executive officer.\n\nAt Investor Day and on Intuit’s fourth quarter earnings call, the company shared that all Credit Karma verticals have been negatively impacted by macro uncertainty. Credit Karma experienced further deterioration in these verticals during the last few weeks of the first quarter.\n\n“In spite of the impact to Credit Karma, we are reiterating operating income and earnings per share guidance for fiscal year 2023, and expect to report first quarter results above guidance,” said Michelle Clatterbuck, Intuit’s chief financial officer.\n\nExpected First-Quarter Fiscal 2023 Results\n\nIntuit expects to report results for the first-quarter fiscal 2023 above guidance previously reiterated on September 29, 2022, which was:\n\n\nRevenue growth of approximately 23 to 25 percent, including Mailchimp.\n\n\nGAAP operating loss of $125 million to $105 million.\n\n\nNon-GAAP operating income of $469 million to $489 million.\n\n\nGAAP loss per share of $0.43 to $0.37.\n\n\nNon-GAAP diluted earnings per share of $1.14 to $1.20.\n\n\nForward-looking Guidance\n\nFull Fiscal Year 2023\n\nIntuit also reiterated GAAP and non-GAAP operating income and earnings per share guidance for the full fiscal year 2023, previously reiterated on September 29, 2022. The company plans to update Credit Karma and full company revenue guidance for full year fiscal 2023 on its first quarter earnings conference call on November 29, 2022. The company expects:\n\n\nGAAP operating income of $2.794 billion to $2.899 billion, growth of approximately 9 to 13 percent....