Intuit Inc - INTU STOCK NEWS

Intuit (Nasdaq: INTU) announced it will contest allegations made by the FTC regarding its advertising practices for free tax preparation. The FTC claims Intuit misdirected users eligible for free tax filing towards paid products. Kerry McLean, Intuit's executive VP, stated their campaigns have actually increased free filers from 11 million in 2018 to over 17 million in 2021. Intuit insists it has complied with IRS regulations and aims to promote greater access to free tax filing.

Intuit, the technology leader behind popular platforms like TurboTax, QuickBooks, and Mint, announced that Alex Chriss, EVP and GM of its Small Business Group, will speak at the Wolfe Research Virtual Conference on March 22. The presentation is scheduled for 8:10 a.m. PT and will be available via an audio webcast on Intuit’s investor relations website. A replay will be accessible approximately 24 hours post-event.

Intuit serves over 100 million customers globally, aiming to help individuals and small businesses overcome financial challenges.

Credit Karma has invested $15 million to eliminate pay disparities among employees, following their transition to role-based compensation. This initiative increased base salaries for 98% of employees and further raised wages for lower-paying roles with an additional $500k investment. A recent report highlights that two-thirds of American workers feel underpaid amid rising inflation. Credit Karma advocates for pay equity, with 71% of workers prioritizing it when considering employment. Employee satisfaction concerning compensation is significantly higher than the industry average.

Credit Karma launches a personalized debt relief program for U.S. federal student loan borrowers, addressing financial strain from loan payments. The initiative aims to assist approximately 22 million members holding 53% of the national student loan debt, totaling $850 billion. Borrowers can access income-driven repayment plans potentially reducing monthly payments by an average of $192 and Public Service Loan Forgiveness savings of around $90,699. The program, powered by a partnership with Summer, offers guidance on loan options and application processes through Credit Karma's app.

Intuit has announced the continuation of its #LeadingConEducación program in partnership with the Hispanic Heritage Foundation, expanding from 20 to 40 scholarships for Latino students in need of financial support. This initiative aims to improve job readiness and financial literacy among young Latino professionals, addressing the lack of personal finance education in underserved schools. The program includes grants and hands-on experience through various educational content and resources. Applications for the 2022 scholarships are open until May 8th.

Intuit, the technology platform behind TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, has announced that CEO Sasan Goodarzi will present at the Morgan Stanley Technology, Media, and Telecom Conference on March 8 at 3:35 p.m. PT (6:35 p.m. ET). The presentation will be streamed live on Intuit’s investor relations website, with a replay available approximately 24 hours later. Intuit serves over 100 million customers globally, aiming to innovate to help consumers and small businesses tackle financial challenges.

Turbotax, from Intuit (NASDAQ: INTU), launched an integrated campaign to support bicultural Latino taxpayers. The 360-marketing strategy includes advertising, public relations, and partnerships aimed at educating this community about tax services in their preferred languages. The campaign, featuring bilingual tax experts, aims to foster financial confidence among Latino taxpayers and showcases cultural relevance through various media channels.

Intuit Inc. (Nasdaq: INTU) reported robust financial results for Q2 FY22, ending January 31. Total revenue surged 70% to $2.7 billion, boosted by the inclusion of Mailchimp and a full quarter of Credit Karma. Excluding these, revenue rose 39%. The Small Business and Self-Employed Group revenue increased 47% to $1.6 billion. Operating income reached $56 million, compared to a loss of $25 million last year. Earnings per share soared 400% to $0.35. Additionally, the company announced a 15% increase in its quarterly dividend to $0.68 per share, reflecting solid capital allocation practices.

Intuit Inc. (NASDAQ: INTU) reiterated its fiscal year 2022 revenue guidance, expecting second quarter revenues of $2.660 billion to $2.665 billion, down from prior estimates. However, the Small Business and Self-Employed Group and Credit Karma are projected to achieve all-time high revenues. For the full fiscal year, revenue is anticipated to be between $12.165 billion and $12.300 billion, representing 26-28% growth, including Mailchimp since its acquisition. The company will release further details on February 24, 2022.