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Intuit Inc. (INTU-0.52%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total net revenue to $3.3 billion from $2.978 billion in the same quarter the previous year. This growth is attributed to a rise in Global Business Solutions and Credit Karma segment revenues.
Global Business Solutions segment revenue increased by 9% to $2.544 billion, driven by growth in the Online Ecosystem revenue, which rose by 20%.
Credit Karma segment revenue grew by 29% to $524 million, primarily due to increases in the personal loan, auto insurance, and credit card verticals.
The Consumer segment revenue decreased by 6% to $176 million, reflecting the seasonal nature of the offerings.
ProTax segment revenue decreased by 7% to $39 million, also reflecting seasonal patterns.
Operating income for the quarter was $271 million, down from $307 million the previous year, due to increased expenses in marketing, staffing, and outside services.
Net income for the quarter was $197 million, down from $241 million in the previous year. Diluted net income per share decreased to $0.70 from $0.85.
Cash, cash equivalents, and investments totaled $3.4 billion as of October 31, 2024, a decrease from $4.074 billion at the end of July 2024.
The filing details Intuit's strategic focus on AI-driven expert platforms and outlines the company's five Big Bets aimed at addressing customer problems and growth opportunities.
Intuit continues to face risks related to competition, technological change, and regulatory challenges, as detailed in the Risk Factors section of the report.
The company maintains its commitment to returning excess cash to stockholders through stock repurchases and dividends, with $4.3 billion authorized for stock repurchases as of October 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Intuit Inc. quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.