Intuit Inc. (NASDAQ:INTU) stock fell 6.92% (As on May 24, 11:39:07 AM UTC-4, Source: Google Finance) after the company delivered an overall positive fiscal third quarter with growth in total revenue, operating income, and earnings per share driven by a big increase in revenue from its small business customers. QuickBooks Online Accounting revenue grew 25 percent in the quarter, driven primarily by customer growth, higher effective prices, and mix-shift. Online Services revenue grew 21 percent, driven by growth in Mailchimp, QuickBooks Online payroll, and QuickBooks Online payments. Total international online revenue grew 12 percent on a constant currency basis. The decline in Credit Karma revenue in the quarter was driven by headwinds in personal loans, home loans, auto loans and auto insurance, partially offset by growth in Credit Karma Money and credit cards. Average revenue per return to increase approximately 12 percent, as the company expects TurboTax Live revenue to grow approximately 19 percent and TurboTax Live customers to grow approximately 13 percent.

INTU in the third quarter of FY 23 has reported the adjusted earnings per share of $8.92, beating the analysts’ estimates for the adjusted earnings per share of $8.48. The company had reported the adjusted revenue growth of 7 percent to $6.02 billion in the third quarter of FY 23, missing the analysts’ estimates for revenue of $6.10 billion.

Additionally, in the third quarter the company has reported a total cash and investments balance of approximately $4.3 billion and $6.6 billion in debt as of April 30, 2023. The company has repurchased $483 million of shares, with $2.0 billion remaining on the company’s share repurchase authorization. The company has received Board approval for a quarterly dividend of $0.78 per share, payable July 18, 2023. This represents a 15 percent increase compared to the same period last year.

Intuit raised its guidance for the full fiscal year 2023. Non-GAAP operating income is expected to be in the range of $5.441 billion to $5.461 billion, growth of approximately 21 percent, up from previous guidance for growth of 17 to 19 percent. The firm is expecting full year 2023 revenue of $14.279 billion to $14.317 billion, and earnings per share of $14.20 to $14.25. Further, Small Business and Self-Employed Group growth is expected to be of 24 percent, up from previous guidance for growth of 19 to 20 percent. Consumer Group is expected to be growth of 5 to 6 percent, down from previous guidance for growth of 9 to 10 percent.