On February 25, Intuit, the company behind TurboTax, projected third-quarter revenue exceeding Wall Street expectations. This forecast is based on the increasing demand for its AI-powered financial software, leading to a nearly 5% surge in the company's shares in after-hours trading.
The tax season in the U.S. is also driving demand for Intuit's software as a significant number of tax filings are anticipated during the upcoming quarter.
Intuit's CFO Sandeep Aujla expressed confidence in the company's performance for the full year, noting a robust start to the tax season.
Intuit offers a range of financial management tools, including TurboTax for tax preparation, Credit Karma for personal finance, and QuickBooks for small businesses. Its AI-driven assistant, Intuit Assist, enhances user experiences by delivering personalized financial advice and streamlining tasks like bookkeeping.
In November 2024, Intuit introduced an AI-powered tool for QuickBooks to aid businesses in tax management and other financial activities.
Last year, the company announced plans to refill positions that had been affected.
"We ended up filling the roles quicker than expected," Aujla remarked.
Intuit anticipates third-quarter revenue to fall within the range of $7.55 billion to $7.60 billion, surpassing the average analyst projection of $7.51 billion. However, the projected adjusted profit per share for the quarter is lower than estimates.
In the second quarter, Intuit reported revenue of $3.96 billion, surpassing expectations, while the adjusted earnings per share were $3.32, exceeding estimates of $2.58.
The company confirmed its fiscal 2025 forecasts.