Intuit Inc - INTU STOCK NEWS

Intuit updates its financial technology tools for tax and accounting professionals ahead of the upcoming tax season. Key updates include enhancements to Intuit Tax Advisor, ProConnect Tax, ProSeries Tax, and Lacerte Tax. New features such as tax loss harvesting, cost segregation studies, and bulk editing are introduced to improve productivity and precision. Additionally, integration with Google Drive allows for easier document management. These updates aim to support tax advisors in providing better advisory services and maximizing tax efficiency for their clients.

Intuit has launched the enhanced TurboTax Live and TurboTax Online products for the 2022 tax year. Tax filers can now complete their taxes in one meeting with experienced tax experts. New features include a Personal Welcome Call, full hand-off of taxes, and specialized experts for self-employed, investors, and small businesses. Starting January 2023, a Spanish-language Full Service experience will be available. TurboTax also improves guidance for crypto investors and self-employed individuals, making tax filing easier and more accurate.

Intuit Inc. (NASDAQ: INTU) reported strong first-quarter fiscal 2023 results, achieving a 29% revenue growth to $2.6 billion, aided by Mailchimp acquisition. The Small Business and Self-Employed Group revenue surged 38% to $2.0 billion, while the Online Ecosystem revenue climbed 60% to $1.3 billion. Profitability showed mixed results with operating income down 61% to $76 million and EPS from $0.82 to $0.14. Despite challenges with Credit Karma, overall guidance for fiscal year 2023 remains steady.

Intuit has launched the "Give Where You Live" initiative to support small nonprofits in six key U.S. markets: Atlanta, Buffalo, Detroit, Chicago, Los Angeles, and Philadelphia. The campaign partners with NFL players and aligns with GivingTuesday to encourage donations to local organizations. Small nonprofits, often struggling post-COVID, benefit greatly from community support. Intuit will match employee donations 2-to-1 and provide funds to employees for local contributions. In 2021, donations on GivingTuesday reached nearly $3 billion, underscoring the campaign's potential impact.

Intuit (Nasdaq: INTU) has partnered with the Suh Family Foundation to enhance financial literacy education in major U.S. school districts, including Dallas, Los Angeles, and Oakland. Building on a successful pilot in Portland, the program aims to equip teachers with effective financial curricula and resources. This initiative responds to the 28% of adults lacking financial education, emphasizing essential topics like budgeting and credit management. The collaboration seeks to empower students with skills for better financial futures.

Intuit (NASDAQ: INTU) highlights a potential $10 billion opportunity for Canadian small businesses if consumers prioritize local shopping during the 2022 holiday season. A survey indicates that 72% of small businesses view this season as crucial for financial health. However, 84% of consumers plan to cut spending if economic conditions worsen. Key consumer habits revealed include a strong desire for seamless online purchasing and in-store promotions. Intuit offers resources to assist small businesses in navigating challenges like inflation and supply chain issues.

Intuit (NASDAQ: INTU) has launched its third annual Prosperity Accelerator in collaboration with Highline Beta, aimed at boosting financial prosperity for Canadian startups. This equity-free, four-month program focuses on enhancing the growth and fundability of tech startups in the Greater Toronto Area. Applications are open until January 13, 2023, with selected startups receiving mentorship and investment opportunities. The initiative comes in light of a 70% drop in funding for fintech companies in Canada in Q2 2022, stressing the need for support in these challenging economic times.

Intuit (Nasdaq: INTU) is launching its AI-driven Virtual Expert Platform ahead of the 2022 tax season, designed for consumers and small businesses. This innovation combines AI technology with expert networks to streamline financial decision-making. The platform allows automated assistance and human expert connections, enhancing user confidence. TurboTax Live and QuickBooks Live are expected to drive significant growth, with TurboTax Live reaching $1 billion in revenue in FY22 and QuickBooks Live growing its subscriber base by 55%. Intuit processes 730 million AI interactions annually.

Intuit Inc. (NASDAQ: INTU) announced its fiscal year 2023 operating income and earnings per share guidance. The company expects first-quarter fiscal 2023 results to exceed previous projections. Key figures include revenue growth of 23-25% (including Mailchimp), GAAP operating loss of $125-105 million, and non-GAAP operating income forecasted at $469-489 million. Despite challenges faced by Credit Karma due to macroeconomic factors, Intuit maintains its overall guidance for fiscal 2023, anticipating a GAAP operating income of $2.794-2.899 billion.