Business
Intuit Reports Third Quarter Results and Raises Full Year Guidance; Grows Small Business Online Ecosystem Revenue 28 Percent in Third Quarter
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, Mint and Credit Karma, 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, Mint and Credit Karma, announced financial results for the third quarter of fiscal 2021, which ended April 30.\n\n“We had a strong quarter across the company, and as a result we are raising our full year guidance,\" said Sasan Goodarzi, Intuit's chief executive officer. \"We had a great tax season growing our share of total tax returns and executing our strategy of expanding our lead in the DIY category and transforming the assisted category. Small Business and Self-Employed Group delivered strong double-digit revenue growth and Credit Karma revenue reached an all-time high in the quarter,\" said Goodarzi.\n\nFinancial Highlights\n\nFor the third quarter, Intuit reported:\n\n\nTotal revenue of $4.2 billion, up from $3.0 billion the prior year.\n\n\nConsumer Group revenue grew 34 percent to $2.4 billion.\n\n\nSmall Business and Self-Employed Group revenue up 20 percent to $1.2 billion, while Online Ecosystem revenue grew 28 percent to $715 million. Excluding $10 million of nonrecurring Paycheck Protection Program (PPP) revenue, growth was 19 percent and 26 percent, respectively.\n\n\nCredit Karma revenue of $316 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 Third-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 \n\nQ3\nFY21\n\n\n \n \n\nQ3\nFY20\n\n\n \n \n\nChange\n\n\n \n \n\nQ3\nFY21\n\n\n \n \n\nQ3\nFY20\n\n\n \n \n\nChange\n\n\n \n\n\n\nRevenue\n\n\n \n \n\n$4,173\n\n\n \n \n\n$3,002\n\n\n \n \n\n39%\n\n\n \n \n\n$4,173\n\n\n \n \n\n$3,002\n\n\n \n \n\n39%\n\n\n \n\n\n\nOperating Income\n\n\n \n \n\n$1,914\n\n\n \n \n\n$1,413\n\n\n \n \n\n35%\n\n\n \n \n\n$2,201\n\n\n \n \n\n$1,539\n\n\n \n \n\n43%\n\n\n \n\n\n\nEarnings Per Share\n\n\n \n \n\n$5.30\n\n\n \n \n\n$4.11\n\n\n \n \n\n29%\n\n\n \n \n\n$6.07\n\n\n \n \n\n$4.49\n\n\n \n \n\n35%\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 ...