Q1 2024 Earnings Summary
Reported on Jan 4, 2025 (After Market Close)
Pre-Earnings Price$565.07Last close (Nov 28, 2023)
Post-Earnings Price$582.99Open (Nov 29, 2023)
Price Change
$17.92(+3.17%)
- Intuit's Mailchimp is experiencing strong growth driven by execution, not macroeconomic tailwinds, with progress in both U.S. and international markets.
- Small businesses on Intuit's platform are showing resilience, with total online payment volume growing 21%, and small business hiring remains strong.
- Intuit is seeing early success in bundling services for mid-market customers, leading to increased adoption and cross-selling opportunities across its ecosystem.
- QuickBooks Online accounting growth decelerated by 3 percentage points this quarter due to a smaller price increase compared to the prior year, indicating potential challenges in sustaining growth rates.
- Credit Karma experienced further tightening by partners, which impacted its performance, and this tightening is expected to continue as partners prepare for the end of the fiscal year.
- The strong operating margins reported this quarter may not be sustainable, as some expenses, including marketing expenses, were deferred to later parts of the year, which could impact future margins.
Research analysts covering INTUIT.