Intuit, the global financial technology platform, has announced its second quarter results for 2023. The company, which is celebrating its 40th anniversary this year, experienced 14% revenue growth in Q2, driven by the growth of its small business and self-employed group by 20% and consumer revenue by 26%. Intuit’s (NSD:INTU) ability to successfully navigate technological shifts and economic cycles, and its position as a global AI-driven expert platform, has contributed to its growth.
Despite economic uncertainty, the company has seen strength in its small business performance, which has been supported by the growth of its online mid-market customers, leading to strong subscription revenue and higher ARPC. The number of companies running online payroll and the number of employees paid on the platform has also continued to grow. Total online payment volume grew by 25%, and there has been a rise in the number of payment-enabled invoices sent by small business customers.
The company has also seen success with its tax season, as it continues to innovate and extend its lead in the do-it-yourself category, as well as transform the assisted category. TurboTax, the company’s tax brand, is being evolved to increase awareness that it is the best alternative in the assisted tax segment for consumers and small businesses. The launch of high-impact TurboTax Live innovation, including a gamified experience to help customers finish their taxes quickly, has led to a successful start in tax season.
The company’s third big bet is to become the comprehensive self-driving financial platform that propels members forward wherever they are on their financial journey. Innovations across all verticals, including Credit Karma Money, have helped members get faster access to cash and make financial progress. Credit Karma members who activate credit builders have seen an average score increase of 21 points in as little as 30 to 45 days. Overall, Intuit remains confident in its ability to fuel growth, given its large TAM, low penetration, proven strategy and progress on its five big bets.
Intuit Inc Stock Forecast
Analysts have given Intuit Inc a Strong Buy rating with an average target price of USD 475.46 for the next 12 months, based on stock forecasts from 19 analysts. Stock Target Advisor’s own analysis of the company’s stock is Slightly Bullish, supported by 10 positive signals and 6 negative signals. Intuit Inc’s current stock price stands at USD 411.88, reflecting a -2.22% change over the past week, +3.47% over the past month, and a -11.80% change over the past year.
Intuit Inc. is a financial management and compliance company that offers products and services for consumers, small businesses, self-employed individuals, and accounting professionals worldwide. It operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProConnect. Its offerings include QuickBooks online services and desktop software, TurboTax income tax preparation products, personal finance, payment-processing solutions, and financial supplies and financing for small businesses. The company sells its products and services through various sales and distribution channels. Intuit Inc. was founded in 1983 and is headquartered in Mountain View, California.