Intuit Stock Price, News & Analysis

Intuit Inc. (Nasdaq: INTU) reported robust financial results for Q2 FY22, ending January 31. Total revenue surged 70% to $2.7 billion, boosted by the inclusion of Mailchimp and a full quarter of Credit Karma. Excluding these, revenue rose 39%. The Small Business and Self-Employed Group revenue increased 47% to $1.6 billion. Operating income reached $56 million, compared to a loss of $25 million last year. Earnings per share soared 400% to $0.35. Additionally, the company announced a 15% increase in its quarterly dividend to $0.68 per share, reflecting solid capital allocation practices.

Intuit Inc. (NASDAQ: INTU) reiterated its fiscal year 2022 revenue guidance, expecting second quarter revenues of $2.660 billion to $2.665 billion, down from prior estimates. However, the Small Business and Self-Employed Group and Credit Karma are projected to achieve all-time high revenues. For the full fiscal year, revenue is anticipated to be between $12.165 billion and $12.300 billion, representing 26-28% growth, including Mailchimp since its acquisition. The company will release further details on February 24, 2022.

Intuit (NASDAQ: INTU) has announced the recipients of its QuickBooks Restaurant Relief Initiative grant program, providing $5,000 each to 20 small restaurants in the Atlanta area. The grants aim to support restaurants facing challenges such as labor shortages and supply chain issues, alongside a one-year free subscription to QuickBooks Online and Mailchimp. Monthly revenues for Atlanta's surviving restaurants grew 7% in September 2021 compared to September 2019, though smaller establishments with annual revenues under $250,000 are recovering more slowly.

Intuit (NASDAQ: INTU) will debut a 30-second ad featuring DJ Khaled during the Super Bowl on February 13, promoting QuickBooks and Mailchimp. This campaign, dubbed Early Start, aims to support new entrepreneurs by celebrating their emotional journey. The company also announced $25,000 grants for three Black-owned businesses in Los Angeles as part of their initiative to empower local communities. QuickBooks anticipates that 17 million new small businesses will be established in 2022, highlighting a growing market for their services.

TurboTax, a product from Intuit (NASDAQ: INTU), launched its new expert matching service during Super Bowl LVI. This AI-driven feature pairs users with tax experts tailored to their unique tax situations. The campaign, featuring Jason Sudeikis, includes a 45-second ad titled 'Matchmaker' that showcases various tax profiles. Digital extensions support the campaign, such as custom Tinder profiles for CPAs and a TikTok hashtag challenge. TurboTax aims to simplify tax season for individuals, enhancing user experience with personalized service.

Intuit Inc. (NASDAQ: INTU) will announce its second-quarter results for fiscal year 2022 on February 24, 2022, after market close. The second quarter concludes on January 31. Executives will discuss these results during a conference call at 1:30 p.m. Pacific time the same day. Interested parties can listen live via the Intuit Investor Relations website. A replay will be available for one week at specified phone numbers and online.

Intuit QuickBooks has launched two innovative financial products aimed at enhancing cash flow for small businesses: QuickBooks Get Paid Upfront and QuickBooks Early Pay. Get Paid Upfront allows eligible customers to access up to $30,000 against unpaid invoices, providing instant payment after a flat 3% fee. Early Pay enables employees to access their earnings before payday, helping them manage unexpected expenses. These offerings aim to improve financial flexibility for small businesses and their employees, reflecting Intuit's commitment to financial innovation.

In celebration of Black History Month, Intuit QuickBooks is hosting its inaugural North American Roundtable titled 'Health and Wellness for Small Businesses,' featuring Tracee Ellis Ross and Soledad O’Brien. This event aims to discuss challenges faced by Black-owned businesses, focusing on their overall well-being beyond financial metrics. Attendees will receive a directory of Black-owned health and wellness businesses and insights from QuickBooks' recent survey showing that 54% of Black respondents expect improved financial well-being in 2022. The roundtable occurs on February 1, 2022.

Credit Karma Money has launched Credit Builder, a free, interest-free program designed for U.S. members with credit scores of 620 or below to help them build credit while saving money. Members set an initial savings goal of $500 and contribute towards it, with payments automatically reported to credit bureaus. Notably, Credit Builder does not charge monthly fees or have an APR, providing a low-risk opportunity for members to demonstrate responsible borrowing behavior.