By Jaspreet Singh
(Reuters) -TurboTax maker Intuit forecast third-quarter revenue above Wall Street estimates on Tuesday, betting on growing demand for its AI-driven financial services software, sending the company’s shares up nearly 3% in extended trading.
The ongoing tax season in the U.S. is also boosting demand for Intuit’s software as bulk of the tax filings are expected to be made in the third quarter.
“We continue to feel very optimistic about the full year, and I’m looking forward to having to continue to deliver a very strong tax season,” Intuit’s Chief Financial Officer Sandeep Aujla said.
Intuit provides financial management and compliance products such as its tax-preparation software TurboTax, personal finance portal Credit Karma and accounting software QuickBooks for small businesses.
Its AI-powered assistant, Intuit Assist, is integrated across its products, helping individuals and businesses by providing personalized financial recommendations and automation of specific tasks such as bookkeeping.
The company launched its AI-powered tool for QuickBooks in November 2024 to help businesses manage taxes and other financial tasks.
Intuit forecast third-quarter revenue between $7.55 billion and $7.60 billion, compared with the average analyst estimate of $7.51 billion, according to data compiled by LSEG.
However, its third-quarter forecast for adjusted profit per share of $10.89 to $10.95 was below estimates of $11.48.
The company reported second-quarter revenue of $3.96 billion, beating estimates of $3.83 billion.
On an adjusted basis, Intuit earned $3.32 per share, ahead of estimates of $2.58.
The company reiterated its forecasts for fiscal 2025.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Shounak Dasgupta)
