A number of companies are getting smacked Wednesday due to earnings. But up 6%, Intuit (INTU) - Get Report is standing out as a bright spot. The company beat on earnings per share and revenue expectations, and raised full-year guidance.
We don't talk enough about the "gig economy," which consists of workers who drive for Uber and Lyft, and use other platforms as a means to generate income, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
The gig economy is what's helping drive growth at Intuit, which owns brands like QuickBooks, Mint and TurboTax, Cramer said. It's what's helped Intuit grow revenue more than 10% year-over-year this quarter.
About 34% of the workforce participates in the gig economy, according to Intuit, and that figure is expected to grow to 43% by 2020.
These are not traditional tax payers, Cramer said. They are, in fact, part of the "shift economy," where workers want to have more flexibility. They'll add a shift here and there and then work through ride-hailing companies when they want.
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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.