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Intuit Stock Rides Revenue Surge to Fourth-Quarter Beat

Credit Karma helps drive 41% jump in revenue during latest period at financial services firm.
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Intuit Inc.  (INTU) - Get Free Report rode a 41% surge in fiscal fourth-quarter revenue to a strong quarterly performance and announced upbeat guidance after the bell Tuesday, helped by strength in its recently acquired Credit Karma unit.

The company posted adjusted earnings per share of $1.97 for its fiscal fourth quarter on revenue of $2.56 billion.

In the same period a year ago, the company posted earnings of $1.81 a share on sales of $1.8 billion.

Intuit had been expected to report earnings of $1.59 a share, on sales of $2.3 billion, based on a FactSet survey of 20 analysts.

"We had a very strong fourth quarter capping off an outstanding fiscal 2021," said Sasan Goodarzi, Intuit's chief executive officer, in a statement. "Our momentum continues across the company with accelerated innovation focused on our customers' most important needs while creating durable growth opportunities for Intuit in the future."

During the quarter, Intuit's Credit Karma unit saw revenue of $405 million, a quarterly record for the business. Intuit completed its $3.4 billion acquisition of Credit Karma in December. 

For its fiscal first quarter, Intuit said it expects revenue growth of approximately 36% to 38%, including Credit Karma. It said non-GAAP diluted earnings per share should come in between 94 cents and 99 cents.

For the full fiscal year, Intuit offered revenue guidance of $11.05 billion to $11.2 billion

Analysts surveyed by FactSet are forecasting full-year revenue of $9.4 billion. 

Shares of Intuit rose $5.72, or 1%, to $559.74 in after-hours trading on Tuesday. In the regular session, the stock edged up 0.3%.