Intuit Reports Q2 Earnings Beat, Acquires Credit Karma For $7.1B

Intuit INTU reported quarterly earnings of $1.16 per share, which beat the analyst consensus estimate of $1.03 by 12.62%. This is a 16% increase over earnings of $1 per share from the same period last year.

The company reported quarterly sales of $1.696 billion, which beat the analyst consensus estimate of $1.68 billion by 0.95%. This is a 12.92% increase over sales of $1.502 billion the same period last year.

The company also confirmed it has agreed to acquire Credit Karma for approximately $7.1 billion in cash and stock.

"By joining forces with Credit Karma, we can create a personalized financial assistant that will help consumers find the right financial products, put more money in their pockets and provide insights and advice, enabling them to buy the home they've always dreamed about, pay for education and take the vacation they've always wanted," said Sasan Goodarzi, CEO of Intuit.

Intuit said second-quarter revenue increased 13% and small business online ecosystem revenue grew 35%.

Intuit shares closed down 3.39% to $287.50. The stock has a 52-week high of $306.89 and a 52-week low of $236.03.

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