News

Intuit Skies to Record High

Shares in financial software company Intuit surged 10 percent to a record high Friday at $692.34 per share.

Intuit is known for TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp. The company grew total revenue to $2.0 billion in its fiscal first quarter, up from $1.3 billion the prior year, including the addition of Credit Karma. Excluding Mailchimp, the company expects revenue growth of 18 to 20 percent, up from prior guidance of 15 to 16 percent.

“We are off to a strong start in fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses,” said Sasan Goodarzi, Intuit’s chief executive officer. “We continue to see strong momentum and proof that our Big Bets are further positioning us for durable growth in the future, and we’re delighted that Mailchimp has joined Intuit.”

Credit Karma, which Intuit acquired last December for $8 billion, had record revenues of $418 million in the quarter.

Intuit’s Small Business and Self-Employed Group — made up of Quickbooks online accounting — saw revenue increase 22 percent to $1.4 billion.

Intuit said it projects 2022 total revenue of $12.165 billion to $12.300 billion, growth of approximately 26 to 28 percent, including Mailchimp as of Nov. 1 and a full year of Credit Karma.

Intuit acquired e-mail marketing company MailChimp for $12 billion in a deal that closed this month.

The company now has a stock market cap of $189 billion. Shares are up 86% for the year.