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.