Wed, Sep 4, 10:28 PM (132 days ago)
In the fiscal year ending July 31, 2024, Intuit Inc. reported a revenue increase of 13% to $16.3 billion, driven primarily by a 19% rise in the Small Business & Self-Employed segment, which accounted for 59% of total revenue. Net income rose 24% to $3.0 billion, with diluted earnings per share also increasing by 24% to $10.43. Operating income improved 16% to $3.6 billion, despite a 14% rise in operating expenses due to increased staffing and marketing costs, alongside restructuring expenses of $223 million. Intuit's strategic focus includes enhancing AI capabilities and expanding its product offerings, notably through its TurboTax, QuickBooks, and Credit Karma platforms. The company anticipates continued growth in service revenue, which constituted 85% of total revenue. However, risks include intense competition, regulatory changes, and potential cybersecurity threats. The company maintains a strong liquidity position with $4.1 billion in cash and investments and has ongoing stock repurchase and dividend programs, reflecting a commitment to returning value to shareholders. The outlook remains positive, supported by strategic investments and a robust operational framework.