Business
Intuit Reports Strong First Quarter Results and Raises Full Year Revenue Guidance Reflecting Early Momentum in the Year and the Acquisition of Mailchimp
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 first quarter of fiscal 2022, which ended Oct. 31. Intuit grew total revenue to $2.0 billion, up from $1.3 billion the prior year, including the addition of Credit Karma. With the addition of Mailchimp starting Nov. 1 and the company's strong momentum, Intuit raised its fiscal year 2022 revenue guidance to 26 to 28 percent growth. Excluding Mailchimp, the company expects revenue growth of 18 to 20 percent, up from prior guidance of 15 to 16 percent.\n\n“We are off to a strong start in fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses,\" said Sasan Goodarzi, Intuit's chief executive officer. \"We continue to see strong momentum and proof that our Big Bets are further positioning us for durable growth in the future, and we're delighted that Mailchimp has joined Intuit.\"\n\nFinancial Highlights\n\nFor the first quarter, Intuit:\n\n\nGrew total revenue to $2.0 billion, up from $1.3 billion the prior year, including the addition of Credit Karma.\n\n\nIncreased Small Business and Self-Employed Group revenue 22 percent to $1.4 billion.\n\n\nGrew Online Ecosystem revenue 36 percent to $845 million.\n\n\nReported Credit Karma revenue of $418 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\nSnapshot of First-quarter Results\n\n\n\n \n\n\n\nGAAP\n\n\n\nNon-GAAP\n\n\n\n\n\n \n\n\n\nQ1\nFY22\n\n\n\nQ1\nFY21\n\n\n\nChange\n\n\n\nQ1\nFY22\n\n\n\nQ1\nFY21\n\n\n\nChange\n\n\n\n\n\nRevenue\n\n\n\n$2,007\n\n\n\n$1,323\n\n\n\n52%\n\n\n\n$2,007\n\n\n\n$1,323\n\n\n\n52%\n\n\n\n\n\nOperating Income\n\n\n\n$195\n\n\n\n$209\n\n\n\n(7)%\n\n\n\n$555\n\n\n\n$334\n\n\n\n66%\n\n\n\n\n\nEarnings Per Share\n\n\n\n$0.82\n\n\n\n$0.75\n\n\n\n9%\n\n\n\n$1.53\n\n\n\n$0.94\n\n\n\n63%\n\n\n\n\n\n\nDollars are in millions, except earnings per share. Note that GAAP results include a $39 million net gain on other long-term investments. See “About Non-GAAP Financial Measures”...