Intuit Inc (NASDAQ: INTU) reported a solid performance in Q3 2024, with total revenue reaching $6.7 billion, marking a 12% increase year-over-year (YoY). The growth was primarily driven by the Small Business and Self-Employed segment, which saw an 18% rise in revenue, demonstrating resilience in a challenging macroeconomic environment. The Consumer Group also contributed with a 9% increase in revenue. Management emphasized their commitment to innovation, particularly leveraging AI across products like TurboTax and Credit Karma, to enhance user experience and drive future growth.
CEO Sasan Goodarzi highlighted that TurboTax Live, the company’s guiding force in the assisted tax space, is projected to continue its strong performance, reflecting a strategic shift towards a higher average revenue per return (ARPR) customer base. With continued innovations and a focus on the integration of services like TurboTax and Credit Karma, Intuit is well positioned to capitalize on long-term growth prospects in both the consumer and small business segments, amidst emerging competitive dynamics.