Shares of Intuit Inc (NASDAQ: INTU) jumped about 10% in after-hours trading on Thursday after reporting strong results for its fiscal first quarter on record revenue from Credit Karma that it acquired late last year.
First-quarter financial performance
Intuit said its profit in Q1 printed at $228 million that translates to 82 cents per share. In the same quarter last year, its profit stood at a lower $198 million or 75 cents per share. On an adjusted basis, the owner of notable software, including QuickBooks and TurboTax, earned $1.53.
The software company generated $2.0 billion in revenue that represents an annualised growth of just over 50%. According to FactSet, experts had forecast 97 cents of adjusted EPS on $1.81 billion in revenue.
Other notable figures include a 32% year-over-year increase in revenue from QuickBooks attributed to higher prices and customer growth. At $1.81 billion, cost and expenses came in 63% higher than last year.
The quarterly results come shortly after Intuit announced a new revenue sharing programme.
Guidance for the full financial year
Intuit also raised its guidance for the full financial year. It now forecasts up to $11.64 of adjusted EPS on 26% to 28% annualised growth in revenue. In the earnings press release, CEO Sasan Goodarzi said:
We are off to a strong start in fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses. We continue to see strong momentum and proof that our Big Bets are further positioning us for durable growth in the future.
Earlier this month, Intuit completed the acquisition of email marketing service Mailchimp.
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