By Denny Jacob


Intuit raised its outlook for fiscal 2023 following an increase in both profit and revenue for the third quarter.

The tax preparation software maker forecast revenue of $14.28 billion to $14.32 billion and adjusted earnings between $14.20 and $14.25 a share for the fiscal year. It previously guided for revenue of $14.04 billion to $14.25 billion and adjusted earnings between $13.59 and $13.89 a share.

Intuit outlined its projections for certain segments in fiscal 2023 as well. The company called for small business and self-employed group growth of 24%, up from prior guidance of growth between 19% and 20%.

Consumer group is expected to increase between 5% and 6% versus its prior forecast of growth between 9% and 10%. ProTax Group is expected to increase 2% to 3%, compared to its previous guidance of 3% growth. Credit Karma is seen declining 11% versus its prior outlook for a decline of 10% to 15%.

Intuit projected revenue to rise 9% to 10% with adjusted earnings of $1.43 to $1.48 a share in the fourth quarter ending July 31. Analysts polled by FactSet expected adjusted earnings of $1.50 a share.

Chief Executive Sasan Goodarzi said the raised guidance reflected the strength and resiliency of Intuit's platform and portfolio in uncertain times.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

05-23-23 1653ET