“We are off to a strong start this year, with overall revenue growth of 12 percent during the first quarter, with strength across each of our businesses," said Brad Smith, Intuit’s chairman and chief executive officer.
"Small Business and Self-Employed Group delivered another strong quarter and we expect momentum to continue as we place an increased emphasis on online services to deliver greater value to our customers. This includes services such as QuickBooks Capital, an innovative same-day payroll capability within QuickBooks Online Payroll, and our soon to be launched next-day funding within QuickBooks Payments.
"The team is also gearing up for tax season, focused on delivering the benefits of DIY tax prep while transforming the assisted tax segment. With TurboTax Live were combining breakthrough technology with decades of tax expertise to deliver an outstanding end-to-end experience that increases the confidence of our customers. Looking ahead to the tax season, we are very pleased with the opportunities to address the needs of more tax filers with TurboTax Live.
While this is great start to the year, there's plenty of game to be played, with our two largest quarters ahead of us,” said Smith.
Financial Highlights
For the first quarter, Intuit:
Grew total revenue to $1.0 billion, up 12 percent.
Increased Online Ecosystem revenue by 42 percent.
Reported a GAAP operating loss of $10 million, versus a $35 million loss a year ago.
Reported a non-GAAP operating income of $102 million, versus $65 million last year.
Intuit Inc. - Intuit Reports First Quarter Revenue Increased 12 Percent Led by 42 Percent Growth in Small Business Online Ecosystem Revenue
