FMP
Intuit Shares Up 10% Following Q1 Results
Nov 19, 2021 11:22 PM - Davit Kirakosyan
Image credit: FMP
Intuit Inc. (NASDAQ:INTU) shares closed 10.08% higher on Friday following the company’s reported Q1 results, with total revenue/adjusted operating income/EPS growing 52%/66%/63% year-over-year, respectively, all exceeding the Street estimates.
The relatively resilient Consumer (primarily TurboTax)/ProConnect segments were consistent with expectations in seasonally-light F1Q, while the Small Business segment was the primary Q1 upside driver with Credit Karma also contributing. Emerging from a relatively moderate pandemic-driven lull, Small Business segment Q1 revenue grew 22% year-over-year.
On the Q1 outperformance/recent acquisition of Mailchimp, Intuit increased its 2022 total revenue growth guidance to 26-28% year-over-year, better than the consensus estimate.
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