Intuit Posts Higher 1Q Profit As Credit Karma Helps Lift Sales

By Kimberly Chin

Intuit Inc. posted a higher profit in the fiscal first quarter of 2022 as revenue rose, driven in part by record revenue at Credit Karma.

The TurboTax, QuickBooks and Mint parent said profit was $228 million for the quarter ended Oct. 31, up from $198 million in the same period last year. Earnings were 82 cents on a per-share basis, up from 75 cents a year earlier.

On an adjusted basis, Intuit had earnings of $1.53 a share. Analysts were expecting 97 cents an adjusted share, according to a FactSet poll.

Total net revenue increased to $2 billion from $1.32 billion a year ago. Analysts were targeting $1.81 billion in revenue. Results included the addition of its Credit Karma acquisition, which Intuit closed at the end of last year.

Revenue from QuickBooks Online Accounting rose 32% due to customer growth and higher prices, it said.

Costs and expenses increased 63% from a year ago to $1.81 billion as selling and marketing, research and development and general and administrative expenses rose and costs of service increased.

At the beginning of the month, Intuit completed its acquisition of email-marketing pioneer Mailchimp.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

11-18-21 1637ET