Intuit ups outlook after strong TurboTax sales

The company said sales of its tax-prep products should result in revenue growth of 12 to 13 percent in its consumer group.

Intuit said on Wednesday that strong sales of its tax-prep products should result in third quarter revenue growth of 12 to 13 percent in its consumer group, topping its previous guidance range of 7 to 9 percent.

The personal and small business financial software maker saw sales of TurboTax Online climb six percent during tax season, while sales of TurboTax products overall rose four percent compared to the year-ago period.

"We executed well this season and are excited that we are already seeing some of our investments pay off by accelerating our top line growth," said Michelle Clatterbuck, Intuit's chief financial officer.

"As we've shared, this has been a year of increased investments in key areas including artificial intelligence and machine learning capabilities, Amazon Web Services migration, streamlined software development and enhanced brand and marketing effectiveness."

Intuit's shares were up more than four percent Thursday morning.

In February, Intuit lowered its second quarter outlook citing a later than usual start to the tax season that ultimately shifted tax revenue to the company's third quarter.

Intuit is scheduled to report third quarter results on May 22.

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