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Company plans to launch AI agents for QuickBooks

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U.S. tax season boosts demand for TurboTax

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Intuit raises fiscal 2025 forecasts

By Jaspreet Singh

May 22 (Reuters) - Intuit forecast

fourth-quarter revenue and profit above Wall Street estimates on

Thursday, signaling growing demand for its artificial

intelligence-driven financial management tools.

The tax filing season in the U.S. from January 27 to April

15 also helped the company report upbeat third-quarter results

as many taxpayers used Intuit's software to file their federal

income-tax returns.

Intuit provides financial management and compliance products

such as its tax-preparation software TurboTax, personal finance

portal Credit Karma and accounting software QuickBooks.

The company said it would launch AI agents, systems which

can take actions for users, in the coming weeks and add these

agents into its QuickBooks product portfolio.

"These agents are going to be incorporated into the

lineup... we are going to be revamping our lineup. There's going

to be a new lineup, and as part of that, we will have price

changes," CFO Sandeep Aujla told Reuters.

In addition to the core portfolio, there will be options

where customers can choose specific agents based on their needs,

such as an accounting agent or a finance agent, and pay for them

separately, he said.

Intuit forecast fourth-quarter revenue between $3.72 billion

and $3.76 billion, above analysts' average estimate of $3.51

billion, according to data compiled by LSEG.

Adjusted profit per share expectations of $2.63 to $2.68 for

the quarter ending July 31 also beat estimates of $2.59.

Revenue for the third quarter ended April 30 rose 15% to

$7.75 billion, beating estimates of $7.56 billion. The adjusted

profit per share of $11.65 also exceeded estimates of $10.91.

Intuit also lifted fiscal 2025 forecasts. The company

expects revenue growth of about 15%, up from its prior forecast

of 12% to 13%.

The company said its total TurboTax Online units, number of

individual online tax returns filed using the platform, are

expected to decline about 1% in fiscal 2025, while the paying

units are expected to grow 6%.

(Reporting by Jaspreet Singh in Bengaluru)