Intuit

  • Technology   provider Intuit reported an increase in total second quarter revenue of 70%   YoY to $2.7 billion, including the newly acquired email marketing business   Mailchimp, as well as a full quarter of its personal finance unit Credit   Karma. Excluding Mailchimp and Credit Karma, revenue was up 39%.

  • Credit   Karma brought in record quarterly revenue of $444 million, driven by strength   in personal loans and credit cards.

  • The Small Business and Self-Employed Group segment saw revenue jump 47% YoY to   $1.6 billion. Excluding $240 million worth of revenues from Mailchimp, the   segment was up 24%.

  • Within   this segment QuickBooks Online Accounting grew revenue 35%, primarily driven   by higher effective prices, customer growth and a change in mix. Online   services revenue of $574 million was up 139% YoY, driven by the addition of   Mailchimp as well as by the growth in QuickBooks Online payroll and   QuickBooks Online payments. Intuit’s Online Ecosystem revenue was up 74% YoY   to $1.1 billion. Excluding Mailchimp, its Online Ecosystem revenue rose 37%.

  • The Consumer and ProConnect segment saw Consumer Group revenue jump 180% to $411 million thanks to the earlier IRS opening this year. Meanwhile ProConnect   professional tax revenue was up 14.5% YoY to $237 million.

  • The company repurchased $519 million of shares in the period, and still has   repurchase authorization capacity of $2.5 billion remaining. Cash and   investments totaled approximately $1.4 billion at the end of the quarter.

  • Intuit lowered guidance for the current quarter but maintained its full-year outlook, suggesting that revenue will be pushed into a later quarter, perhaps   as a result of a slow start to the tax season. It expects revenue growth of   around 33% and Non-GAAP diluted earnings per share of between $7.51 and $7.57 for the third quarter.

Intuit