Intuit Stock Price, News & Analysis

On March 20, 2023, Projectworks joined Intuit's QuickBooks Solution Provider Program, expanding its services into the US market. Projectworks, a cloud-based Professional Services Automation platform originating from New Zealand, targets the Professional Services sector, which includes software development and engineering firms. The collaboration aims to facilitate migration from on-premise solutions to cloud services, enhancing resource management and financial tracking for small to midsize businesses. The anticipated total addressable market for these services in the US exceeds six million businesses, creating significant growth opportunities for both parties.

Intuit Inc. (NASDAQ: INTU) has launched the Coalfield Solar Fund, a partnership with The NEED Project and Secure Solar Futures. This initiative will provide competitive grants of $50,000 to $150,000 to K-12 public schools and community colleges in Virginia and West Virginia to support solar energy systems and workforce development. The program aims to create educational opportunities in the solar industry and promote job training, helping to reduce carbon emissions. Interested institutions must submit a notice of interest by April 17, 2023, for the first phase of funding.

Intuit has launched the Intuit QuickBooks Small Business Index, providing vital insights on small business hiring in the UK. In February 2023, job vacancies fell by 2.5% or 3,800 to 150,200, continuing a decline that began in March 2022. Despite this drop, vacancies remain 29% higher than pre-pandemic levels. The index, developed with economist Professor Ufuk Akcigit, aims to offer timely data to support small businesses in making informed decisions. Key sectors impacted include finance and accommodation. The index will publish new data monthly, enhancing visibility of small business trends.

Credit Karma (NASDAQ: INTU) has launched a new product called Net Worth, aimed at enhancing financial management for its members. With over 120 million members in the U.S., this feature will help users understand, grow, and protect their wealth. Initially available to consumers with a credit score of 720 or above, Net Worth integrates the expertise of Intuit’s Mint to provide users a holistic view of their finances. It offers real-time snapshots of total net worth by linking various financial accounts, thus simplifying financial tracking. This initiative represents Credit Karma's commitment to supporting Americans in their financial journeys, allowing them to make informed decisions.

Intuit Inc. (NASDAQ: INTU) announced that its CEO, Sasan Goodarzi, will present at the Morgan Stanley TMT Conference on March 7, 2023, at 2:40 p.m. PT (5:40 p.m. ET). The presentation will be available live via audio webcast on Intuit’s investor relations website, with a replay accessible approximately 24 hours later. Intuit, known for its popular products like TurboTax, Credit Karma, QuickBooks, and Mailchimp, serves over 100 million customers globally, focusing on empowering prosperity and innovation. For more details, visit Intuit.com.

Intuit Inc. (NASDAQ: INTU) has launched the 2023 cohort of its Intuit Prosperity Accelerator in Toronto, aimed at aiding eight fintech startups in addressing key economic challenges faced by consumers and small businesses. Over four months, the startups will receive mentorship focused on customer-driven innovation, benefiting from expertise in product design and development. Amid a 70% drop in Canadian fintech funding over the past year, the accelerator aims to enhance visibility for these startups. Historically, graduates of such programs boast a 23% higher survival rate compared to others, facilitating the growth potential for participating companies.

Intuit Inc. has appointed Sandeep Singh Aujla as Chief Financial Officer (CFO), effective August 1, 2023, following Michelle Clatterbuck's retirement on July 31, 2023. Aujla has been with Intuit for 7 years, most recently serving as Senior Vice President of Finance for the Small Business and Self-Employed Group. During Clatterbuck's tenure as CFO, Intuit's market cap and revenue more than doubled. Aujla's leadership role contributed to the accelerated revenue growth of SBSEG, from 13% in FY17 to 22% in FY22, excluding the Mailchimp acquisition. CEO Sasan Goodarzi expressed confidence in Aujla's ability to further the company's growth.

Intuit Inc. (Nasdaq: INTU) reported robust financial results for the second quarter of fiscal 2023, ending January 31. Total revenue reached $3.0 billion, marking a 14% increase year-over-year. The Small Business and Self-Employed Group saw a significant 20% growth to $1.9 billion. Other highlights include a 24% increase in Online Ecosystem revenue and a 26% rise in Consumer Group revenue. Despite these gains, Credit Karma revenue fell 16% to $375 million. The company's earnings per share grew 71% to $0.60, reflecting strong operational performance and strategic execution.

Intuit (NASDAQ: INTU) has launched a bilingual marketing campaign aimed at empowering Latino taxpayers during tax season. The initiative emphasizes TurboTax Live offerings, providing fully translated services and bilingual tax experts to assist with tax filing. The campaign, created with Wieden+Kennedy, includes Spanish-language advertising and activations, such as pop-up events and influencer partnerships, while collaborating with Havas FORMULATIN for PR strategies. This effort highlights TurboTax's commitment to cater to the largest growth minority group in the U.S., providing culturally relevant resources and educational programs.