Business
Intuit Reports Second Quarter Results and Reiterates Full Year Guidance; Organic Online Ecosystem Revenue Grew 37 Percent
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and
About this update from Intuit Inc.
[{"type":"text","content":" MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nIntuit Inc. (Nasdaq: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, announced financial results for the second quarter of fiscal 2022, which ended January 31.\n\n“We see continued strong momentum across the company as we focus on our mission to power prosperity and solve our customers’ biggest financial problems,\" said Sasan Goodarzi, Intuit's chief executive officer. \"Our platform continues to thrive as digitization is more important now than ever. As we move through tax season, we're proud to help customers get the biggest refund they deserve.\"\n\nFinancial Highlights\n\nFor the second quarter, Intuit:\n\n\nGrew total revenue to $2.7 billion, up 70 percent, including the addition of Mailchimp and a full quarter of Credit Karma. Excluding Mailchimp and Credit Karma, total revenue grew 39 percent.\n\n\nIncreased Small Business and Self-Employed Group revenue 47 percent to $1.6 billion. Excluding Mailchimp revenue of $240 million, Small Business and Self-Employed Group revenue grew 24 percent.\n\n\nGrew Online Ecosystem revenue 74 percent to $1.1 billion. Excluding Mailchimp, Online Ecosystem revenue grew 37 percent.\n\n\nReported Credit Karma revenue of $444 million, a quarterly record for the business.\n\n\nUnless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.\n\n\n\nSnapshot of Second-quarter Results\n\n\n\n\n\n\n \n\n\n\n \n\n\n\nGAAP\n\n\n\nNon-GAAP\n\n\n\n\n\n \n\n\n\nQ2\nFY22\n\n\n\nQ2\nFY21\n\n\n\nChange\n\n\n\nQ2\nFY22\n\n\n\nQ2\nFY21\n\n\n\nChange\n\n\n\n\n\nRevenue\n\n\n\n$2,673\n\n\n\n$1,576\n\n\n\n70%\n\n\n\n$2,673\n\n\n\n$1,576\n\n\n\n70%\n\n\n\n\n\nOperating Income (Loss)\n\n\n\n$56\n\n\n\n$(25)\n\n\n\nNM\n\n\n\n$612\n\n\n\n$235\n\n\n\n160%\n\n\n\n\n\nEarnings Per Share\n\n\n\n$0.35\n\n\n\n$0.07\n\n\n\n400%\n\n\n\n$1.55\n\n\n\n$0.68\n\n\n\n128%\n\n\n\n\n\nNM = Not Meaningful\n\n\n\n\n\n\n\n\nDollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).\n\n\n\n\n\n\n\nBusiness Segment Results\n\nSmall Busin...