Fintech company Intuit Inc. (NASDAQ:INTU) smashed expectations for its fiscal second quarter 2023, coming in ahead on both revenue and profit across its various business lines.
The maker of TurboTax, Credit Karma, QuickBooks, and Mailchimp saw its total revenue grow to $3 billion, up 14% compared to the same quarter in 2022, against more modest analyst expectations of $2.9 billion.
Its earnings per share blew past expectations of $1.44 with a stronger profit of $2.20 on a non-GAAP basis.
That figure was 42% higher than the comparable three-month period to end January 31, 2022, according to a results statement.
The firm said it had increased the Small Business and Self-Employed Group revenue by 20% to $1.9 billion, and grew its Online Ecosystem revenue by 24% to $1.4 billion.
Consumer Group revenue increased 26% to $516 million, while ProTax Group revenue grew to $253 million for a 7% gain.
Its Credit Karma division was a sole outlier, down 16% at $375 million.
Looking ahead, Mountain View, California-based Intuit said it expects revenue of $14.03 billion to $14.25 billion for its full fiscal 2023 year. Non-GAAP diluted earnings per share are expected to be between $13.59 to $13.89 for a growth rate of approximately 15 to 17%.
Shares of Inuit stayed relatively flat following the release of its 2Q earnings at $411.50.
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