Intuit Inc - INTU STOCK NEWS

Intuit Inc. (Nasdaq: INTU) reported Q2 FY21 results ending Jan. 31, with total revenue of $1.576 billion, down 7% year-over-year. The Small Business and Self-Employed Group grew revenue 11% to $1.1 billion while Online Ecosystem revenue increased 22% to $644 million. However, the Consumer Group saw a sharp decline in revenue, dropping 71% to $147 million, due to a later IRS opening. Credit Karma contributed $144 million in revenue following its acquisition. Despite challenges, the company remains optimistic about its A.I. strategy.

The Canada Revenue Agency has opened its electronic filing service, marking the start of tax season. TurboTax, a product of Intuit (Nasdaq: INTU), is launching a new campaign featuring human tax experts to assist Canadians with their tax filings. The initiative includes the 'Little Lifts' campaign aimed at helping those financially impacted by COVID-19, starting with a concert on February 22. TurboTax offers services like TurboTax Live, providing real-time support for various tax situations. The campaign emphasizes support for individuals facing major life changes during this tax season.

Intuit (Nasdaq: INTU) has launched #LeadingConEducación, a program aimed at empowering Latino students through educational grants and scholarships for higher education. In collaboration with the Hispanic Heritage Foundation, the initiative will also include financial education webinars and resources. Intuit's Vice President, David Zasada, highlights the commitment to addressing inequalities and improving career readiness within underrepresented communities. Applications for educational grants are open until April 30, 2021. This effort aligns with Intuit's goal of enhancing financial opportunities for young Latinos.

Credit Karma has expanded its Money Spend checking account availability, integrating with TurboTax. This allows users who file taxes through TurboTax to have their tax refunds deposited directly into their Credit Karma Money Spend accounts. The integration aims to help consumers manage their finances better by avoiding fees and enhancing cash flow with features like early access to funds. Since launching in beta, users with Credit Karma Money Spend accounts are highly engaged, returning two to three times more than those without.

Intuit Inc. (Nasdaq: INTU) reported lower-than-expected revenue and operating income for its second fiscal quarter due to the IRS delaying the tax season start. The company anticipates revenue of $1.570 billion to $1.575 billion, down from $1.935 billion to $1.965 billion, and a GAAP operating loss of $30 million to $25 million, a drop from GAAP operating income of $171 million to $191 million. Despite this, Intuit maintains its full-year guidance, expecting revenue of $8.810 billion to $8.995 billion, with a projected growth of approximately 15 to 17 percent.

Intuit Inc. (Nasdaq: INTU) has announced the launch of targeted marketing initiatives through TurboTax to empower the Latino community during tax season. The campaign features resources for tax filing and financial education, leveraging partnerships with media and organizations. New offerings include bilingual tax expert services and in-language tools. Advertisements will air on major networks, supported by programs like #LeadingConEducación to assist Latino students. TurboTax aims to address the unique financial challenges faced by Latinos, enhancing their tax preparation experience.

Intuit Inc. (Nasdaq:INTU) has partnered with Octopus Energy, the UK’s largest renewable energy provider, to help employees and QuickBooks Online customers transition to renewable energy as part of its 2030 climate positive goal. This initiative aims to reduce greenhouse gas emissions significantly, with a commitment to cut emissions by 50 times its 2018 output by 2030. If 1% of UK QBO customers switch to renewable energy, it will save 30,000 metric tonnes of carbon annually. Employees can earn energy credits, contributing to a more sustainable future.

Intuit Inc. (NASDAQ: INTU) announces the launch of an automated second Paycheck Protection Program (PPP) loan application process through QuickBooks Capital, aimed at assisting eligible small businesses amid the ongoing pandemic. The $900 billion relief package includes $284.45 billion designated for PPP funding, which allows small businesses to apply for loans up to $150,000. QuickBooks customers can leverage existing business data to expedite applications, partnered with SBA-approved lender Cross River Bank. This initiative underscores QuickBooks' commitment to aiding small businesses and supporting job retention.

Intuit Inc. (Nasdaq: INTU) will announce its Q2 fiscal 2021 results on February 23, after market close. The quarter ends January 31. A conference call will be held at 1:30 p.m. PT to discuss the results, accessible at 866-417-5279 in the U.S. or 409-937-8904 internationally. The call can also be streamed live on Intuit’s investor website. A replay will be available for one week post-call. Intuit aims to enhance financial well-being through products like TurboTax, QuickBooks, and Mint, serving over 50 million customers globally.