Intuit, known for products such as TurboTax, Credit Karma and QuickBooks, has benefited from growing demand for its AI-powered offerings, which provide personalized financial recommendations and automation of specific tasks such as accounting.
Shares of the Mountain View, Calif.-based company initially gained more than 2% in extended trading but later reversed course as investors digested a first-quarter revenue growth forecast that fell short of expectations. market expectations.
Earlier this month, Intuit implemented price increases for QuickBooks, introducing new features to attract customers.
“Our momentum in the first quarter and early next year comes from our customer growth with QuickBooks Online and QuickBooks Advanced,” Chief Executive Sasan Goodarzi told Reuters in an interview.
“We will hire almost 1,000 people who will focus on several areas particularly related to AI,” Goodarzi said.
Intuit expects fiscal 2025 revenue to be between $18.16 billion and $18.35 billion, the midpoint of which is slightly above the average analyst estimate of $18.18 billion, according to data from the LSEG.
The company, which also announced a new $3 billion share repurchase authorization, expects annual adjusted earnings per share to be between $19.16 and $19.36, compared with an estimate of $19. .15 dollars.
It expects first-quarter revenue growth to be between 5% and 6%, below growth expectations of 13.1%, as QuickBooks desktop products transition to a d recurring subscription.
Intuit expects these changes to reduce first-quarter revenue by about $160 million.
Fourth-quarter revenue was $3.18 billion, beating the estimate of $3.08 billion. Excluding items, it earned $1.99 per share, compared to an estimated $1.84 per share.
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Reporting by Jaspreet Singh in Bangalore; Editing by Tasim Zahid
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