Summary by Moomoo AI
Intuit reported strong Q1 FY25 results with total revenue increasing 10% year-over-year to $3.3 billion, driven by solid performance in its Global Business Solutions segment. Operating income decreased 12% to $271 million, while net income declined 18% to $197 million or $0.70 per diluted share, impacted by higher expenses and a $42 million net loss on long-term investments.Global Business Solutions revenue grew 9% to $2.5 billion, with Online Ecosystem revenue surging 20% to $1.9 billion on strong growth in QuickBooks Online Accounting and Online Services. Credit Karma revenue rose 29% to $524 million, benefiting from strength in personal loans, auto insurance, and credit card verticals. Consumer and ProTax segments showed seasonally light revenue consistent with prior year.The company maintained strong liquidity with $3.4 billion in cash and investments. Management reaffirmed their focus on AI-driven innovation and platform strategy execution across five key growth areas. The Board approved a $3 billion increase to the share repurchase authorization, with $4.3 billion remaining as of October 31, 2024, and declared a quarterly cash dividend of $1.04 per share.
