Intuit rides strong tax season to Q3 earnings beat
Intuit's third quarter financial results came in comfortably above estimates with revenue boosted by strong sales of the company's consumer tax offerings.
Intuit says TurboTax Online sales were up 15 percent for the tax season. The company also grew total QuickBooks Online subscribers by 45 percent to a total of 1,397,000 customers worldwide as of the end of April.
"This was simply a great season for TurboTax," said Intuit CEO Brad Smith. "This was a strong quarter for small business as well, led by robust new-user growth in our QuickBooks Online ecosystem."
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That said, Intuit is now raising its fiscal year revenue guidance to a range of $4.660 billion to $4.680 billion.
Looking at the rest of Intuit's balance sheet, the personal and small business financial software maker reported a net income of $1.03 million million, or $3.30 per share (statement).
Non-GAAP earnings were $3.94 per share on top of revenue of $2.3 billion, up 8 percent year-over-year.
Wall Street was expecting earnings of $3.21 per share with $2.26 billion in revenue. Intuit's shares ticked up just under three percent in late trading Tuesday after the earnings beat.
As for the rest of Intuit's portfolio, the company added roughly 25,000 QuickBooks Self-Employed subscribers, while online payroll customers by grew by 17 percent. Online payments customers grew by 6 percent, and online payments charge volume is up 18 percent.
For the current quarter, Intuit expects revenue of $720 million to $740 million, and EPS of "roughly breakeven." Wall Street is looking for revenue of $718 million and a per share of a penny.