The logo of financial software company Intuit is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. REUTERS/Chris Helgren Acquire Licensing Rights
Nov 28 (Reuters) – Accounting software-maker Intuit (INTU.O) on Tuesday beat Wall Street estimates for first-quarter profit and revenue, on resilient demand for its artificial intelligence infused products that help businesses manage their financial needs.
Products offered by Intuit include tax-preparation software TurboTax, personal finance portal Credit Karma, and QuickBooks that help small businesses.
The Mountain View, California-based company posted revenue of $2.98 billion for quarter ended Oct. 31, compared with analysts’ average estimates of $2.88 billion, according to LSEG data.
The company posted adjusted profit of $2.47 per share for the first quarter, compared with analysts’ estimates of $1.98 per share.
In the reported quarter, revenue at Credit Karma fell 5% to $405 million, while revenue at its Consumer Group rose 25% to $187 million.
Intuit expects revenue for the second quarter to grow about 11% to 12%, while analysts expect growth of 11.9%.
Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber
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