Intuit Stock Price, News & Analysis

Intuit (NASDAQ: INTU) has released its first-annual 2022 Taxpayer Insights & Intelligence Brief, based on a survey of over 3,000 U.S. taxpayers. The study highlights a strong demand for tax advisory services, with 69% of taxpayers seeking more advice, and 83% preferring year-round support. Audit protection is crucial, as 84% desire assistance in case of an IRS audit. Furthermore, data security is a priority, with 66% expecting electronic signing capabilities and 86% wanting secure document storage. These insights present growth opportunities for tax professionals aiming to adapt their services.

Intuit (NASDAQ: INTU) unveiled new innovations aimed at enhancing success for accountants and small businesses during the QuickBooks Connect conference in Las Vegas. Over 3,000 participants attended the event, which focused on the latest offerings from Intuit QuickBooks, including new features in QuickBooks Commerce Accounting, Mid-Market Solutions, and Workforce Solutions. Key highlights include automated operations for inventory management and improved HR capabilities, aiming to streamline processes and enhance financial performance for product-based businesses.

Bloomerang has entered into a QuickBooks Solution Provider Sales and Marketing Agreement with Intuit (Nasdaq: INTU), enhancing financial transparency for nonprofits. This collaboration integrates Bloomerang's donor relationship management software with Intuit QuickBooks, providing nonprofits with streamlined fundraising and financial operations. The partnership aims to improve accuracy in donation tracking and reporting, thus allowing nonprofits to focus more on their missions. This step aligns with Bloomerang's vision to support the nonprofit sector through innovative solutions.

Intuit (Nasdaq: INTU) announced its acquisition of SeedFi, enhancing Credit Karma's Credit Builder feature aimed at assisting low and no-credit borrowers. This transaction combines SeedFi's technology with Credit Karma's established credit relationships to boost credit scores and savings. Members previously saw an average credit score increase of 21 points in just two months, along with over $10 million in savings. The deal, which is set to close soon, is not anticipated to materially affect Intuit's fiscal 2023 results.

Intuit updates its financial technology tools for tax and accounting professionals ahead of the upcoming tax season. Key updates include enhancements to Intuit Tax Advisor, ProConnect Tax, ProSeries Tax, and Lacerte Tax. New features such as tax loss harvesting, cost segregation studies, and bulk editing are introduced to improve productivity and precision. Additionally, integration with Google Drive allows for easier document management. These updates aim to support tax advisors in providing better advisory services and maximizing tax efficiency for their clients.

Intuit has launched the enhanced TurboTax Live and TurboTax Online products for the 2022 tax year. Tax filers can now complete their taxes in one meeting with experienced tax experts. New features include a Personal Welcome Call, full hand-off of taxes, and specialized experts for self-employed, investors, and small businesses. Starting January 2023, a Spanish-language Full Service experience will be available. TurboTax also improves guidance for crypto investors and self-employed individuals, making tax filing easier and more accurate.

Intuit Inc. (NASDAQ: INTU) reported strong first-quarter fiscal 2023 results, achieving a 29% revenue growth to $2.6 billion, aided by Mailchimp acquisition. The Small Business and Self-Employed Group revenue surged 38% to $2.0 billion, while the Online Ecosystem revenue climbed 60% to $1.3 billion. Profitability showed mixed results with operating income down 61% to $76 million and EPS from $0.82 to $0.14. Despite challenges with Credit Karma, overall guidance for fiscal year 2023 remains steady.

Intuit has launched the "Give Where You Live" initiative to support small nonprofits in six key U.S. markets: Atlanta, Buffalo, Detroit, Chicago, Los Angeles, and Philadelphia. The campaign partners with NFL players and aligns with GivingTuesday to encourage donations to local organizations. Small nonprofits, often struggling post-COVID, benefit greatly from community support. Intuit will match employee donations 2-to-1 and provide funds to employees for local contributions. In 2021, donations on GivingTuesday reached nearly $3 billion, underscoring the campaign's potential impact.

Intuit (Nasdaq: INTU) has partnered with the Suh Family Foundation to enhance financial literacy education in major U.S. school districts, including Dallas, Los Angeles, and Oakland. Building on a successful pilot in Portland, the program aims to equip teachers with effective financial curricula and resources. This initiative responds to the 28% of adults lacking financial education, emphasizing essential topics like budgeting and credit management. The collaboration seeks to empower students with skills for better financial futures.