By Denny Jacob
Intuit reported higher top and bottom line results in the latest quarter, with growth most pronounced in its small business and self-employed group segment.
Revenue for the third quarter ended April 11 rose to $6.02 billion from $5.63 billion a year earlier. Analysts polled by FactSet expected $6.09 billion.
The tax preparation software maker posted net income of $2.09 billion, or $7.38 a share, compared with $1.79 billion, or $6.28 a share, from a year earlier. Adjusted earnings were $8.92 a share, above analysts’ expectations of $8.48.
Intuit said revenue for its QuickBooks online accounting, part of its small business and self-employed group, increased 25% driven primarily by customer growth, higher prices and mix-shift. Revenue for Credit Karma, however, declined due to headwinds in personal loans, home loans, auto loans and auto insurance.
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