Intuit, the renowned global financial technology platform, has announced a remarkable 13 percent increase in revenue, reaching an impressive $14.4 billion for the fiscal year that concluded on July 31, 2023.
This outstanding performance was highlighted by a robust fourth quarter and aligned with Intuit’s strategic vision of becoming the world’s foremost AI-driven expert platform, fostering prosperity for both consumers and small businesses.
Sasan Goodarzi, the CEO of Intuit, expressed his satisfaction with the company’s achievements: “We had a very strong fourth quarter, ending the year with momentum, as we executed on our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses.”
He emphasized the strength of their platform, the resilience exhibited during uncertain times, and their ability to amplify the operating margin while making targeted investments for sustainable long-term growth.
As part of its growth trajectory, Intuit has projected its revenue for the upcoming fiscal year 2024, forecasting an estimated range of $15.890 billion to $16.105 billion, reflecting a remarkable growth rate of approximately 11 to 12 percent.
Intuit, renowned for its suite of popular financial tools including TurboTax, Credit Karma, QuickBooks, and Mailchimp, shared that its revenue for the fourth quarter of fiscal 2023 soared by 12 percent, amassing $2.7 billion.
Q4 Business Segment Performance
Small Business and Self-Employed Group
The QuickBooks Online accounting division witnessed a remarkable 22 percent revenue growth for the quarter, contributing to an annual growth rate of 26 percent. This surge was primarily attributed to an expansion in the customer base, increased effective prices, and shifts in product mix.
Online services revenue exhibited a noteworthy growth of 20 percent for the quarter and an impressive 34 percent for the entire year. This surge was propelled by the ascending demand for payroll services, Mailchimp integration, and an upsurge in payments.
International online revenue showcased a growth rate of 12 percent for the quarter and an impressive 31 percent for the entire year, indicating Intuit’s global reach and appeal.
Small Business and Self-Employed Group revenue experienced a commendable increase of 21 percent, totaling $2.1 billion. Furthermore, Online Ecosystem revenue also surged by 21 percent.
Credit Karma Segment
In contrast, Credit Karma revenue experienced an 11 percent decline, settling at $424 million. The drop in revenue was primarily attributed to macroeconomic challenges impacting segments like personal loans, auto insurance, home loans, and auto loans. This decline was partially offset by a surge in credit card usage and the adoption of Credit Karma Money.
Consumer and ProTax Groups
TurboTax Online units experienced a 5 percent decline, aligned with the trend of taxpayers who had filed in previous years to avail pandemic-related stimulus and tax credits but abstained from filing during this period. Notably, TurboTax Live revenue witnessed a commendable 17 percent growth, accompanied by a 12 percent increase in TurboTax Live customers.
ProTax Group revenue recorded a modest growth rate of 3 percent for the year, underlining Intuit’s diverse portfolio and its commitment to catering to a wide array of financial needs.
Intuit’s performance in the fiscal year 2023, marked by its significant revenue growth and expansion across various segments, positions the company as a leading force in the realm of financial technology. With its strategic plans and ambitious goals for the coming fiscal year, Intuit is poised to continue its trajectory of success while enhancing its offerings to serve the evolving needs of consumers and businesses alike.