Intuit Stock Price, News & Analysis

Intuit has launched the Intuit Tax Advisor (ITA), a new tool for tax professionals aimed at enhancing tax planning and advisory services. ITA integrates with existing Intuit software like Lacerte and ProConnect Tax, offering personalized reports for clients to maximize tax savings. The tool aims to simplify the planning process, reduce errors, and allows for unlimited tax plans for clients with a single credit purchase, including three free credits in 2022.

Intuit reported a strong financial performance for fiscal year 2022, achieving a 32% revenue growth to $12.7 billion, bolstered by the addition of Mailchimp. The Small Business and Self-Employed Group saw revenue increase by 38%, while the Online Ecosystem revenue surged 61%. In Q4, however, total revenue fell 6% to $2.4 billion, impacted by an earlier IRS tax filing deadline. GAAP EPS declined 4% while non-GAAP EPS grew 22%. The company maintained a cash balance of $3.3 billion and approved a $2 billion share repurchase program, reflecting confidence in its long-term strategy.

Knowify has launched the Knowify Connector, enhancing integration with QuickBooks Online Advanced for construction project management. This tool aims to streamline financial management by allowing users to sync data in nearly real-time, reducing double entry and improving data quality. Users can conveniently monitor project profitability and manage costs, enhancing collaboration between project managers and financial teams. The Connector is available at no additional cost for existing users of both platforms.

Intuit (NASDAQ: INTU) announces a leadership transition at Mailchimp, with CEO Ben Chestnut stepping back to a Business Advisor role. Rania Succar, previously SVP of the QuickBooks Money Platform, will become the new CEO of Mailchimp. Chestnut, who co-founded Mailchimp 21 years ago, aims to support its growth by mentoring new leadership. Succar, bringing a successful track record, will focus on integrating Mailchimp with Intuit’s offerings. This change emphasizes Intuit’s commitment to supporting small businesses globally.

Intuit (NASDAQ: INTU) will release its fourth-quarter and full-year financial results for fiscal year 2022 on August 23 after market close. The fourth quarter ends on July 31. A live conference call for discussing these results will take place at 1:30 p.m. PT on the same day. Additionally, Intuit's annual Investor Day is scheduled for September 29 at 8:00 a.m. PT, featuring presentations from company leaders.

The conference call will be accessible via Intuit’s investor relations website and will include a replay option.

Intuit's QuickBooks is launching a new campaign on July 5, featuring soccer star Javier "Chicharito" Hernández to inspire Latino entrepreneurs. The campaign encourages small business owners to adopt a bigger mindset, transitioning from a "negocito" to a "negociote." With Latino-owned businesses experiencing 34% growth over the last decade, the campaign aims to address challenges like access to funding. QuickBooks offers tools that nearly 60% of users rely on for loans, often finding greater acceptance rates through their services.

Credit Karma Money has launched a new cash back rewards feature for its users, allowing members to earn cash back on purchases made at select merchants using their Credit Karma Visa debit card. This initiative aims to provide all users, especially those with non-prime credit, access to financial benefits usually reserved for credit card users. Members will be automatically enrolled in the program, with no payout minimums for cash back earned. The feature builds on Credit Karma Money's commitment to enhance spending behaviors and provide more value to its over 110 million members.

Intuit (NASDAQ: INTU) announced that Varun Krishna, executive vice president and general manager of its Consumer Group, will participate in a fireside chat at the Bank of America Global Technology Conference on Tuesday, June 7. The event is scheduled for 9:30 a.m. PDT/12:30 p.m. EDT and will be accessible via audio webcast on Intuit’s investor relations website. A replay will be available approximately 24 hours post-event. Intuit delivers a variety of financial products, serving over 100 million customers globally.

Intuit QuickBooks and Mailchimp have launched the inaugural Small Business Hero Day, recognizing three small businesses with $20,000 each for their community contributions. The event coincides with Small Business Success Month celebrated on May 31. The awardees are:

• Hive of the Ozarks (Willard, MO)
• Tree House Craft Coffee & Frozen Yogurt (Houston, TX)
• Ray’s Millpond Cafe (Ray City, GA)