Intuit beats first-quarter estimates on resilient demand for financial products

Accounting software-maker Intuit on Tuesday beat Wall Street estimates for first-quarter profit and revenue, on resilient demand for its artificial intelligence infused products that help businesses manage their financial needs.

Products offered by Intuit include tax-preparation software TurboTax, personal finance portal Credit Karma, and QuickBooks that help small businesses.

The Mountain View, California-based company posted revenue of $2.98 billion for quarter ended Oct. 31, compared with analysts’ average estimates of $2.88 billion, according to LSEG data.

The company posted adjusted profit of $2.47 per share for the first quarter, compared with analysts’ estimates of $1.98 per share.

In the reported quarter, revenue at Credit Karma fell 5 per cent to $405 million, while revenue at its Consumer Group rose 25 per cent to $187 million.

Intuit expects revenue for the second quarter to grow about 11 per cent to 12 per cent, while analysts expect growth of 11.9 per cent.