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.