Intuit Stock Price, News & Analysis

Education at Work and Intuit (Nasdaq: INTU) have partnered to launch a pilot program offering college students valuable experience in tax, accounting, and financial services while helping them pay for college. The program, starting in fall 2024, will involve up to 60 undergraduate students from Arizona State University working part-time in Intuit's TurboTax business, with the potential to earn up to $5,250 in tuition assistance.

This initiative addresses the critical shortage of certified tax and accounting professionals, strengthening Intuit's talent pipeline. The program aligns with the growing demand for tax and accounting professionals, as highlighted by U.S. Bureau of Labor Statistics research. Education at Work's track record shows participating students are 25% more likely to graduate and do so with 40% less student debt compared to their peers.

Intuit Inc. (Nasdaq: INTU) reported strong financial results for Q4 and fiscal year 2024. Full-year revenue grew 13% to $16.3 billion, with Small Business and Self-Employed Group revenue up 19%. The company's AI-driven expert platform strategy showed progress, positioning it for future growth. Key highlights include:

- Combined platform revenue increased 14% to $12.5 billion
- Consumer Group revenue grew 7% to $4.4 billion
- Credit Karma revenue rose 5% to $1.7 billion
- GAAP EPS increased 24% to $10.43
- Non-GAAP EPS grew 18% to $16.94

Intuit also announced a 16% increase in quarterly dividend and a new $3.0 billion stock repurchase authorization.

A new survey by Intuit QuickBooks and Allstate Health Solutions reveals the critical role of healthcare benefits in employee retention and hiring. 78% of employees would seek new employment if their benefits package was inadequate. The survey, involving 1,000 employees from small and large businesses, found that healthcare benefits rank second only to salary when considering job offers.

Key findings include:

• 23% of employees struggle to afford employer-provided benefits
• 71% of workers at small companies and 63% at large companies face challenges saving long-term due to medical costs
• 60% of employees desire a range of benefits options
• Over 90% of employees link job satisfaction to benefits

The survey highlights the importance of competitive, affordable benefits packages in today's tight labor market.

Intuit Inc. (Nasdaq: INTU), the global financial technology platform behind TurboTax, Credit Karma, QuickBooks, and Mailchimp, has announced key dates for investors. The company will release its fourth-quarter and full-year fiscal 2024 financial results on August 22, after market close. A conference call to discuss these results is scheduled for 1:30 p.m. Pacific time on the same day.

Additionally, Intuit will host its annual Investor Day on September 26 at 8:00 a.m. Pacific time at its Mountain View headquarters. This half-day event will feature presentations from CEO Sasan Goodarzi, CFO Sandeep Aujla, and other company leaders. Both the financial results conference call and the Investor Day can be accessed live via Intuit's investor relations website.

Intuit Inc. (Nasdaq: INTU) has appointed Forrest Norrod, executive vice president and general manager of AMD's Data Center Solutions Business, to its board of directors. This strategic move aims to accelerate Intuit's AI innovation and support its goal of becoming a global AI-driven expert platform.

Norrod brings over 30 years of technology industry experience, including deep expertise in AI, GenAI, data, and engineering. His appointment expands Intuit's board to 13 directors. CEO Sasan Goodarzi emphasized the significance of the AI revolution and Intuit's commitment to leveraging AI to benefit consumers and small businesses.

At AMD, Norrod has played a important role in driving the company's data center growth and open AI ecosystem strategy. His experience and 11 US patents in computer architecture, graphics, and system design are expected to contribute significantly to Intuit's future developments and mission.

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.