Intuit Inc. (NASDAQ:INTU) posted a strong third-quarter performance fueled by explosive growth in its TurboTax Live business.
What Happened: During the earnings call on Thursday, the company’s CEO, Sasan Goodarzi, called it a “breakthrough adoption year” for its tax-prep product, TurboTax Live, highlighting the significant traction that the product has gained across consumer and business segments during the year.
The company reported a 47% year-over-year increase in TurboTax Live revenue and a 24% rise in customers using its AI-enabled service, helping push its overall Consumer Group revenue, which the product is a part of, to $4 billion.
“We saw adoption within our base,” Goodarzi said during the call, referring to Intuit’s nearly 100 million customers and users worldwide.
Goodarzi emphasized that AI played a critical role in simplifying the user experience, saying that the company reduced the average return preparation time by 12% and enabled over half of its customers to finish their annual tax filings in under an hour.
Despite the strong traction, Intuit sees room for improvement. Gudari notes areas where friction still exists, particularly for users migrating from traditional assisted tax providers. “There's still so much that we can do to make the end-to-end experience seamless,” he says.
The company released its third quarter results on Thursday, reporting $7.75 billion in revenue, beating consensus estimates of $7.56 billion. It posted a profit of $11.65 per share, which came in ahead of estimates at $10.91.
Price Action: The stock was up 0.92% on Thursday, trading at $666.07 per share, and is up 8.03% after hours following its robust third quarter performance.
According to Benzinga’s Edge Stock Rankings, the stock has a favorable price trend in the short, medium, and long term. Click here for more insights and to see how it compares with peers and competitors such as H&R Block.
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