Intuit raises revenue forecast for full fiscal year
The increase was on the back of Intuit QuickBooks’ Online Accounting revenue growing over 25 per cent in the quarter.
Global technology platform Intuit has raised its revenue forecast for the full fiscal year 2023 on the back of a set of strong third quarter results, particularly by its QuickBooks business.
Intuit chief executive officer Sasan Goodarzi said the revision of its forecast was due to the strength of its offerings across the board.
“We are raising our total company revenue, operating income and earnings per share guidance for the fiscal year, demonstrating the strength and resiliency of our platform and portfolio in uncertain times,” said Mr Goodarzi.
“The benefits of our global financial technology platform are more mission-critical than ever to our customers.”
Intuit’s third quarter financial highlights included total revenue growth of US$6 billion, up by 7 per cent, increased small business and self-employed group revenue to US$2 billion, up by 21 per cent, as well as online ecosystem revenue growth to US$1.5 billion up 23 per cent.
As part of the firm’s increased small business and self-employed group revenue, its Online Accounting had a 25 per cent revenue growth which it said was driven primarily by customer growth and higher effective prices.
It also said its online services revenue grew 21 per cent which it attributed to growth in its Mailchimp, QuickBooks Online payroll and QuickBooks Online payment products.
As a result of the positive third-quarter results, Intuit raised its total company guidance for the full fiscal year 2023 increasing its revenue from US$14.279 billion to US$14.317 billion, and growth of approximately 12 to 13 per cent up from the previous guidance of 10 to 12 per cent.
It also revised up its small business and self-employed group revenue growth to up to 24 per cent up from the previous guidance of 19 to 20 per cent.
Despite the positive results in the small business and self-employed sections of the firm's offerings it also had some negative outcomes from the third-quarter results such as the decrease in its Credit Karma product’s revenue of US$410 million, down 12 per cent.
Intuit dismissed the decline in Credit Karma’s revenue as due to a quarter that was “driven by headwinds in personal loans, home loans, auto loans and auto insurance.”
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