Intuit Inc. - INTU STOCK NEWS

A new Intuit QuickBooks survey reveals the top concern for accounting professionals is failing to keep up with technological advancements, overshadowing worries about higher interest rates, rising costs, and hiring challenges. The 2024 survey of 700 U.S. accountants highlights the critical role of technology in meeting client expectations and improving operational efficiency, with 93% believing that tech adoption helps firms survive economic uncertainties. Accountants plan to invest an average of $24,000 in tech over the next year. Additionally, 98% of respondents have used AI to assist clients and firm operations, and over half plan to expand AI and automation tool investments. Despite economic instability, 82% of accountants expected business growth in 2023, though 63% reported profit losses due to higher costs and interest rates in 2024. The survey underscores the continuous evolution of the accounting industry and the necessity of tech adoption for future success.

Intuit announced the expansion of its IDEAS Program, in partnership with the Los Angeles Urban League, to support small businesses in Atlanta, Los Angeles, and Philadelphia. The program offers free access to Intuit's products and services, business counseling, and coaching.

In its first year in Los Angeles, participants saw a 23% revenue increase and saved 16.5 hours monthly due to efficiencies powered by Intuit's technology. The program now extends to 100 small business owners across three cities.

Selected entrepreneurs will receive support for email marketing, executive coaching, business consulting, compliance, bookkeeping, and tax preparation, along with a $5,000 grant. The goal is to enhance business efficiency, earnings, and capital readiness.

Applications for the program are now open.

Intuit, the financial technology company behind TurboTax, Credit Karma, QuickBooks, and Mailchimp, is set to acquire technology from Zendrive to enhance its usage-based auto insurance product, Karma Drive. This acquisition includes key personnel like Zendrive's CEO Dennis Ellis and Co-founder Pankaj Risbood, who will join Credit Karma.

Credit Karma members can participate in a trial offering real-time feedback on their driving habits, helping them secure discounts before purchasing an insurance policy. Karma Drive has already yielded over 4 million discounted policy offers. The transaction, which is expected to close in Q4 FY24, aims to make auto insurance pricing more transparent and fair.

Intuit's President of Credit Karma, Joe Kauffman, emphasized the importance of this acquisition in helping Americans save on insurance costs amidst high inflation. Financial terms of the deal were not disclosed.

Intuit's Mailchimp announces a new AI-powered revenue intelligence (RI) system designed to enhance marketing effectiveness by leveraging financial data from QuickBooks and other sources. This tool will offer predictive and generative AI to help businesses identify untapped revenue opportunities, create personalized content, and optimize customer targeting. Additionally, Mailchimp expands its SMS marketing tools to the UK, following their US launch in June. The new features aim to integrate seamlessly into marketers' workflows, providing actionable insights without additional learning curves. The announcement was made during Mailchimp’s 'From: Here, To: There' event in London.

Intuit, a leading global financial technology platform known for products like TurboTax, Credit Karma, QuickBooks, and Mailchimp, has announced that their CFO, Sandeep Aujla, will present at the Nasdaq Investor Conference on June 11, 2024.

The presentation, set to begin at 2:00 a.m. Pacific Time (10:00 a.m. GMT), will be accessible via a live audio webcast on Intuit's investor relations website. A replay of the webcast will be available roughly 24 hours after the event concludes.

Intuit QuickBooks and the National Hockey League (NHL) have announced a multi-year partnership, making QuickBooks the Official Small Business Accounting Software of the NHL in Canada. This agreement grants Intuit QuickBooks exclusive marketing rights and designations for national advertising and promotional initiatives aimed at connecting with Canadian entrepreneurs and the broader NHL fanbase. The partnership will leverage NHL's platform to feature QuickBooks in dynamic dasherboard advertising during NHL games and across digital platforms. This collaboration aims to engage and inspire Canadian entrepreneurs, particularly as newer, younger, and more diverse business owners emerge.

Intuit, a global financial technology platform known for products like TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced that Mark Notarainni, their EVP and GM of the consumer group, will present at the Bank of America Global Technology Conference on June 4, 2024. The presentation, available via live audio webcast, will commence at 2:00 p.m. PT (5:00 p.m. ET). A replay will be accessible approximately 24 hours later on Intuit's investor relations website.

Intuit, the financial technology platform known for TurboTax, Credit Karma, QuickBooks, and Mailchimp, has launched the QuickBooks Grant Program as part of Small Business Success Month. This initiative will provide $200,000 in funding, awarding $10,000 each to 20 small business owners. The program aims to support small businesses with essential tools and resources to thrive. Applications are open from May 28 to June 30, 2024. Each recipient will also receive three months of mentorship, including access to webinars and digital tools like QuickBooks and Mailchimp. The initiative aims to address the ongoing challenge of capital access for small businesses amid economic uncertainties.

Intuit Inc. (NASDAQ: INTU) reported strong financial results for the third quarter of fiscal 2024, ending April 30. Total revenue grew by 12% to $6.7 billion, while operating income increased by 12% to $3.1 billion. Earnings per share (EPS) saw a rise of 14% to $8.42. Key segments driving growth included the Small Business and Self-Employed Group, with revenue up 18% to $2.4 billion, and the Consumer Group, which grew 9% to $3.7 billion. Credit Karma also contributed, with an 8% revenue increase to $443 million. Intuit raised its full-year revenue and EPS guidance, reflecting confidence in its AI-driven platform strategy.