Intuit Inc - INTU STOCK NEWS

Intuit Inc. (Nasdaq: INTU) reported strong financial results for Q4 and the fiscal year 2021, ending July 31. Total Q4 revenue reached $2.6 billion, a 41% increase from $1.8 billion. Key growth drivers included the Consumer Group and Credit Karma, which generated $405 million in Q4. Full-year revenue totaled $9.6 billion, up 25%, bolstered by the acquisition of Credit Karma. Operating income grew 15% to $2.5 billion, while GAAP earnings per share increased 9% to $7.56. The company has also approved a 15% dividend increase to $0.68 per share.

Credit Karma, with over 100 million U.S. members, integrates its Money platform with Intuit's QuickBooks Online Payroll, enhancing payroll management for small business employees.

This partnership allows employees to deposit paychecks directly into Credit Karma Money Spend accounts, helping them save on banking fees. QuickBooks Payroll processes payments for over 15 million employees, totaling over $208 billion annually.

This integration aims to improve financial management for small business workers, particularly those earning under $50,000, by offering features like instant paycheck access and fee-free banking.

Intuit Inc. (Nasdaq: INTU) is set to announce its fourth-quarter and full-year financial results for fiscal year 2021 on August 24, following the market close. The fourth quarter concludes on July 31. A conference call with executives will take place at 1:30 p.m. Pacific time on the same day, where details will be discussed. Investors can access a replay of the call and will also have the opportunity to attend a virtual annual Investor Day on September 30 at 8:00 a.m. Pacific time, featuring talks from key company leaders.

Intuit (Nasdaq: INTU) has launched the QuickBooks Card Reader, a new payment device aimed at small business owners adapting to permanent contactless payment trends. Integrated with QuickBooks Payments, which handles over $65 billion annually, this reader enables faster transactions and seamless reconciliation with QuickBooks. Key features include an LED display, smart tipping functionality, and clear connectivity indicators. Priced at $49, it enhances user experience and supports mobile sales, fulfilling businesses' evolving payment needs.

Intuit Inc. (Nasdaq: INTU) and Highline Beta have launched the Intuit Prosperity Accelerator: AI, a five-month program aimed at using artificial intelligence to enhance the financial well-being of consumers and businesses in North America. Startups with AI-driven solutions are invited to apply until August 31, 2021, with the program set to begin in October 2021. Successful candidates will gain access to mentorship, tailored content, and investment opportunities, leveraging Intuit's extensive market experience and customer base of approximately 100 million.

Intuit Inc. (Nasdaq: INTU) has been included in the inaugural Best B2B Brands list by The Globe and Mail, ranking No. 12 among top business brands in Canada. This recognition highlights Intuit's innovative products such as TurboTax, QuickBooks, and Credit Karma.

The Intuit Prosperity Accelerator program, created to help Canadians navigate financial challenges during the COVID-19 pandemic, reinforces the company's commitment to enhancing Canada's innovation economy.

A consortium formed by America’s SBDC, Intuit, Mastercard, Thryv, and others launched “Launchpad America” to support entrepreneurs in post-pandemic recovery. The initiative aims to provide essential resources, mentorship, and free tools for startup success, addressing the challenge of high failure rates in new businesses. The program includes a Startup Guide and a Starter Kit with access to services from coalition partners. This effort reflects a growing trend of new business applications at the fastest pace since 2007, highlighting the importance of small businesses in economic recovery.

Intuit (Nasdaq: INTU) announced that Kenneth Lin, founder and CEO of Credit Karma, will join a fireside chat at the virtual Bank of America 2021 Global Technology Conference on June 8 at 2:30 p.m. PDT/5:30 p.m. EDT. The event can be accessed live via audio webcast on Intuit’s investor relations website. A replay will be available 24 hours post-event. Intuit serves about 100 million customers globally with products like TurboTax, QuickBooks, Mint, and Credit Karma, aiming to help individuals overcome financial challenges.