Feb 25 (Reuters) - TurboTax maker Intuit
forecast third-quarter revenue above Wall Street estimates on
Tuesday, betting on growing demand for its AI-driven financial
services software.
The ongoing tax season in the U.S. is also boosting demand
for Intuit's software as bulk of the tax filings are expected to
be made in the third quarter.
"We continue to feel very optimistic about the full year,
and I'm looking forward to having to continue to deliver a very
strong tax season," Intuit's Chief Financial Officer Sandeep
Aujla said.
The company provides financial management and compliance
products such as its tax-preparation software TurboTax, personal
finance portal Credit Karma and accounting software QuickBooks
for small businesses.
Its AI-powered assistant, Intuit Assist, is integrated
across its products, helping individuals and businesses by
providing personalized financial recommendations and automation
of specific tasks such as bookkeeping.
The company launched its AI-powered tool for QuickBooks in
November 2024 to help businesses manage taxes and other
financial tasks.
Intuit forecast third-quarter revenue between $7.55 billion
and $7.60 billion, compared with the average analyst estimate of
$7.51 billion, according to data compiled by LSEG.
However, its third-quarter forecast for adjusted profit per
share of $10.89 to $10.95 was below estimates of $11.48.
The company reported second-quarter revenue of $3.96
billion, beating estimates of $3.83 billion.
On an adjusted basis, Intuit earned $3.32 per share, ahead
of estimates of $2.58.
The company reiterated its forecasts for fiscal 2025.