CORRECTED: Intuit Stock Is Rising Friday: What's Going On?

Editor's Note: This article has been corrected to reflect Intuit's expected EPS of $2.63–$2.68 for the fourth quarter.

Intuit Inc. INTU stock is trading higher on Friday after the company reported better-than-expected third-quarter financial results.

The Details: Intuit reported adjusted earnings per share of $11.65, beating the consensus estimate of $10.91. In addition, the company reported sales of $7.75 billion, beating the consensus estimate of $7.56 billion and representing a 15% year-over-year climb.

Consumer Group revenue increased 11%, Global Business Solutions Group grew 19%, Online Ecosystem climbed 20%, Credit Karma rose 31% and ProTax Group grew 9% year-over-year.

“We have exceptional momentum with outstanding performance across our platform. We’re redefining what’s possible with AI by becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses,” said Sasan Goodarzi, Intuit’s CEO.

“We had an outstanding year in tax, including a significant acceleration in TurboTax Live revenue growth as we disrupt the assisted tax category.”

Outlook: The company sees fourth-quarter earnings per share between $2.63 and $2.68, versus the consensus estimate of $2.59. Furthermore, it sees sales from $3.72 billion to $3.76 billion, versus the consensus estimate of $3.51 billion.

Intuit raised its fiscal-year 2025 guidance. It now sees adjusted earnings per share from $20.07 to $20.12, versus the consensus estimate of $19.34. It previously saw adjusted earnings per share between $19.16 and $19.36.

Intuit now expects sales from $18.72 billion to $18.76 billion, versus the consensus estimate of $18.35 billion. It previously saw sales from $8.16 billion to $18.35 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Piper Sandler analyst Arvind Ramnani reiterated an Overweight rating on Intuit and raised the price target from $785 to $825.
• Jefferies analyst Brent Thill maintained a Buy rating on Intuit and raised the price target from $735 to $850.
• Evercore ISI Group analyst Kirk Materne maintained a Outperform rating on Intuit and raised the price target from $685 to $785.

Related Link: JetBlue Adds Transatlantic Routes From Boston, But Stock Slips – Here’s Why

INTU Price Action: At the time of writing, Intuit stock is trading 7.84% higher at $718.29, according to data from Benzinga Pro.

Image: via Shutterstock