5 Notable Earnings Reports You Don’t Want to Miss

3. Intuit Inc. (NASDAQ: INTU)

Number of Hedge Fund Holders: 66

Intuit Inc. (NASDAQ: INTU) is best known for its financial software and services suit. Its flagship products include tax preparation software TurboTax, personal financial management software Mint, and business accounting app QuickBooks. It is a leading player in the financial software space, serving both individual customers and enterprises.

The financial software company recently hit its all-time high price of $582.96 after beating expectations for its fiscal fourth quarter ended July 31. Intuit reported adjusted earnings of $1.97 per share, compared to $1.81 per share in the same period last year.

Revenue for the quarter jumped 41 percent on a year-over-year basis to $2.56 billion. The results easily surpassed the consensus forecast of $1.59 per share for earnings and $2.31 billion for revenue.

Intuit also released the financial outlook for its fiscal first quarter. It expects adjusted earnings in the range of 94 cents per share to 99 cents share and revenue growth between 36 and 38 percent for the current quarter.

Investment management firm L1 Capital recently mentioned Intuit in its Q2 2021 investor letter. Here is what the fund said:

“Intuit has been part of the portfolio since inception of the Fund and was featured in the September 2020 Quarterly Report. In December 2020, Intuit completed the acquisition of Credit Karma for around $5 billion. Credit Karma is a consumer technology platform with more than 110 million members in the U.S., Canada and UK. Credit Karma combines technology, personal financial information and network effects to provide financial products, expertise and advice to deliver better financial outcomes to a consumer, or as the company describes it, “To unlock smart money decisions for consumers”. There is the potential for significant value creation through Credit Karma becoming part of the Intuit group of businesses. Intuit aims to leverage the power of its verified income, employment, assets and identity data from TurboTax, Mint and QuickBooks combined with Credit Karma’s credit and debt data to deliver a range of financial products and services such as automated online loan pre-approval letters. Early signs are promising, with Credit Karma delivering record quarterly revenue and 40% of new Credit Karma members coming from the TurboTax franchise. We believe Credit Karma will become the third pillar supporting Intuit’s long-term growth, alongside QuickBooks and TurboTax.”