The financial software company impressed markets with fiscal Q1 2022 earnings
Intuit reported earnings per share of $1.53, beating not only Wall Street’s estimates but its own – 94 – 99 cents per share. At the same time, the revenue came in at $2 billion, higher than $1.3 billion the prior year. According to the company, the surge was possible due to its purchase of MailChimp and Credit Karma, the latter generating $418 million in revenues in the quarter.
For the full-year earnings outlook, the company is looking for an EPS between $11.48 - $11.64 on revenues as high as $12.3 billion, from a previous high of $11.2 billion.
Intuit CEO Sasan Goodarzi stated: “We are off to a strong start in the fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses.”
After the news hit the wires, the company’s shares surged past $629 apiece. Since the beginning of the year, Intuit share price added 65.6% surpassing the 26.4% rise of USA500.
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