Business
Intuit Reports Second Quarter Results and Reiterates Full Year Guidance; Small Business Online Ecosystem Revenue Grew 22 Percent
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, Credit Karma and Mint, announced financial results for
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 financial results for the second quarter of fiscal 2021, which ended Jan. 31.\n\n\"We continue to see strong momentum and accelerating innovation across the company with our A.I.-driven expert platform strategy,\" said Sasan Goodarzi, Intuit’s chief executive officer. \"Small Business and Self-Employed Group delivered double-digit revenue growth and Credit Karma performed very well since we completed the acquisition in December. We are encouraged by our early results this tax season, and we are confident in our game plan to win.\"\n\nFinancial Highlights\n\nFor the second quarter, Intuit reported:\n\n\nTotal revenue of $1.6 billion, down 7 percent.\n\n\nSmall Business and Self-Employed Group revenue up 11 percent to $1.1 billion, while Online Ecosystem revenue grew 22 percent to $644 million.\n\n\nCredit Karma revenue of $144 million since the acquisition closed on Dec. 3.\n\n\nConsumer Group revenue declined 71 percent to $147 million, driven by the later IRS opening this year. The IRS began accepting and processing returns starting Feb. 12, compared to Jan. 27 last year.\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\nSnapshot of Second-quarter Results \n\n\n\n \n\n\n \n \n\nGAAP\n\n\n \n \n\nNon-GAAP\n\n\n\n\n\n \n\n\n \n \n\nQ2\nFY21\n\n\n\n \n\n\n\n \n\n\n\nQ2\nFY20\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n \n\n\n\nQ2\nFY21\n\n\n\n \n\n\n\n \n\n\n\nQ2\nFY20\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n\n\nRevenue\n\n\n \n \n\n$1,576\n\n\n\n \n\n\n\n \n\n\n\n$1,696\n\n\n\n \n\n\n\n \n\n\n\n(7)%\n\n\n\n \n\n\n\n \n\n\n\n$1,576\n\n\n\n \n\n\n\n \n\n\n\n$1,696\n\n\n\n \n\n\n\n \n\n\n\n(7)%\n\n\n\n\n\nOperating Income (Loss)\n\n\n \n \n\n$(25)\n\n\n\n \n\n\n\n \n\n\n\n$270\n\n\n\n \n\n\n\n \n\n\n\nNM\n\n\n\n \n\n\n\n \n\n\n\n$235\n\n\n\n \n\n\n\n \n\n\n\n$384\n\n\n\n \n\n\n\n \n\n\n\n(39)%\n\n\n\n\n\nEarnings Per Share\n\n\n \n \n\n$0.07\n\n\n\n \n\n\n\n \n\n\n\n$0.91\n\n\n\n \n\n\n\n \n\n\n\n(92)%\n\n\n\n \n\n\n\n \n\n\n\n$0.68\n\n\n\n \n\n\n\n \n\n\n\n$1.16\n\n\n\n \n\n\n\n \n\n\n\n(41)%\n\n\n\n\n\n\nNM = Not Meaningful\n\n\n\n\n\nDolla...