Intuit Stock Price, News & Analysis

Intuit Inc. (Nasdaq: INTU) has updated its fiscal year 2021 guidance following the completion of its acquisition of Credit Karma on Dec. 3. The company anticipates revenue between $8.810 billion and $8.995 billion, reflecting a 15-17% growth, despite a projected decline in GAAP operating income by 9-12%. Credit Karma is expected to contribute $545 million to $580 million in revenue and $15 million to $35 million in operating income. For Q2 2021, Intuit forecasts revenue between $1.935 billion and $1.965 billion.

Intuit has successfully completed its acquisition of Credit Karma for approximately $3.4 billion in cash and stock. This strategic move aims to enhance consumer finance offerings, creating a platform to assist over 110 million Credit Karma members and 57 million Intuit customers in better managing their finances. With growing consumer financial challenges exacerbated by the pandemic, Intuit plans to deliver innovative financial solutions, including better access to credit products and financial advice.

Intuit (Nasdaq: INTU) has launched TurboTax Live Full Service, expanding its offerings in the assisted tax preparation category. This new service connects taxpayers with dedicated tax experts who prepare and file tax returns remotely. TurboTax processes nearly 40 million returns annually, and the Live Full Service matches users based on their unique situations, allowing for secure document uploads and video consultations. The service aims to maximize tax deductions and provide a seamless filing experience.

Intuit (Nasdaq: INTU) has announced significant progress in its acquisition of Credit Karma, having entered into a consent decree with the U.S. Department of Justice and an Assurance of Discontinuance with the New York State Attorney General. This puts the merger closer to completion, subject to customary closing conditions. In tandem, Credit Karma will divest its Tax business to Square (NYSE: SQ), contingent on the successful closing of the acquisition. The merger aims to enhance financial services for consumers at a time when personal finance challenges are critical.

Michelle Clatterbuck, CFO of Intuit (Nasdaq: INTU), will present at the Credit Suisse Technology Virtual Conference on December 1 at 1:10 p.m. Pacific Time. The presentation will be accessible via live audio webcast on Intuit's investor relations site. A replay will be available about 24 hours following the event. Intuit, a global financial platform company, aims to empower prospects with products like TurboTax and QuickBooks. Over 50 million customers utilize its innovative financial management solutions.

Sasan Goodarzi, CEO of Intuit, will present at the 43rd Nasdaq Investor Virtual Conference on December 1. The presentation is scheduled to start at 7:00 a.m. Pacific time and will be accessible live via audio webcast on Intuit's investor relations website. A replay will be available approximately 24 hours after the presentation. Intuit, a global financial platform company, aims to power prosperity worldwide through its products like TurboTax, QuickBooks, and Mint.

Intuit has introduced HubSpot for QuickBooks, an integrated solution aimed at enhancing financial management and customer relationship management for growing businesses. This tool will enable seamless data transfer between sales and finance teams, improving cash flow and accuracy. It reduces manual entry and error correction time, providing a centralized view of financial health. The collaboration with HubSpot is the first step toward addressing key challenges for small businesses in their digital transformation journey.

Intuit Inc. (Nasdaq: INTU) reported strong financial results for Q1 FY21, with total revenue of $1.3 billion, a 14% increase year-over-year. The Small Business and Self-Employed Group generated $1.2 billion in revenue, up 13%, while the Small Business Online Ecosystem revenue surged 24%. Earnings per share (EPS) reached $0.75, marking a 241% increase. The company holds approximately $5.8 billion in cash and investments, with plans to allocate $3.6 billion for the Credit Karma acquisition. A quarterly dividend of $0.59 per share was approved.

Intuit has introduced significant enhancements to its ProConnect, ProSeries, and Lacerte Tax products for the 2020 tax year, aimed at improving efficiency for tax professionals. Key updates include extended import functionalities and tiered e-file permissions in ProConnect, enhanced databases and filtering options in ProSeries, and automatic time tracking in Lacerte. These features are designed to streamline tax preparation processes, allowing professionals to focus more on client needs. For further details, users can explore the respective product links.