Intuit: 10% Full Year Revenue Growth Ahead?
The wide-moat firm's focus on improving its customer experience seems to be resonating well with clients, in addition to continual development of new product features.
For the quarter, total revenue increased 14% year over year to $886 million. Small Business & Self-Employed revenue grew 17% year over year to $694 million, online ecosystem revenue also increased 35% to $258 million. Intuit’s focus on improving its customer experience seems to be resonating well with clients in addition to continual development of new product features. To that end, the firm’s Net Promoter Score continues to progress at a positive trajectory.
The Consumer group saw revenue rise 7% to $78 million. While the first quarter for the Consumer business is not particularly meaningful, Intuit is working in the offseason to introduce new features to entice customers. TurboTax Live, which leverages live professional help, is one particular feature which the firm is hoping draws new users.
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Andrew Lange does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.