Intuit (INTU) 2021 Q3 Earnings Report in Focus

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 (see biggest companies that don’t pay taxes).

The California-based company recently announced its financial results for the third quarter. Intuit reported earnings of 1.46 billion, or $5.30 per share for the three months ended April 30, up from $1.08 billion, or $4.11 per share in the comparable quarter of 2020. On an adjusted basis, the tax-software company earned $6.07 per share, missing the consensus forecast of $6.56 per share.

Revenue for the quarter came in at $4.17 billion, compared to $3 billion in the same period last year. Analysts on average were expecting Intuit to report revenue of $4.48 billion. If we look at the performance of different segments, consumer group revenue jumped 34 percent to $2.4 billion, while revenue from the small business and self-employed group rose 20 percent to $1.2 billion.

CEO Sasan Goodarzi expressed his satisfaction with the results. Goodarzi said in a statement, “We had a great tax season growing our share of total tax returns and executing our strategy of expanding our lead in the DIY category and transforming the assisted category. Small Business and Self-Employed Group delivered strong double-digit revenue growth and Credit Karma revenue reached an all-time high in the quarter.”

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Intuit also issued its financial outlook for the fourth quarter. The company expects earnings in the range of 78 cents per share to 83 cents per share on sales of $2.29 billion to $2.32 billion. The forecast is well above analysts’ average estimate of 35 cents per share for earnings and $1.81 billion for revenue.