Intuit Lifts Revenue Guidance as Results Beat in Q1

This post was originally published on this site – Intuit (NASDAQ:INTU) lifted its full-year revenue guidance Thursday after reporting fiscal first-quarter results that topped expectations as the acquisition of Mailchimp was expected to bolster performance.

Intu was up more than 9% in afterhours trading.

Intuit announced earnings per share of $1.53 on revenue of $2.01 billion. Analysts polled by anticipated EPS of $0.9715 on revenue of $1.81 billion.

“With the addition of Mailchimp starting Nov. 1 and the company’s strong momentum, Intuit raised its fiscal year 2022 revenue guidance…”, Intuit said.

Looking ahead, revenue of $12.165 billion to $12.300 billion, growth of approximately 26% to 28%, including Mailchimp as of Nov. 1 and a full year of Credit Karma. excluding Mailchimp, revenue growth was expected in the range of 18% to 20%, up from previous guidance for growth of 15%to 16%.

EPS was forecast in a range of $7.00 to $7.16, a decline of approximately 7% to 5%, down from previous guidance of a decline of 1% to growth of 1%.

“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,” it added.

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