Intuit Inc. (NASDAQ:INTU) stock rose 3.36% (As on November 29, 11:47:00 AM UTC-4, Source: Google Finance) after the company reported fiscal first-quarter results that topped Wall Street estimates amid higher prices and customer growth, though the TurboTax maker’s offered softer earnings guidance for the current quarter. QuickBooks Online Accounting revenue grew 19 percent in the quarter, driven primarily by customer growth, higher effective prices, and mix-shift. Online Services revenue grew 20 percent, driven primarily by growth in payroll, Mailchimp, and payments. Total international online ecosystem revenue grew 16 percent on a constant currency basis. The decline in Credit Karma revenue in the quarter was driven by headwinds in personal loans, auto insurance, home loans, and auto loans, partially offset by growth in credit cards and Credit Karma Money. The increase in Consumer Group revenue reflects a strong finish to the tax extension season. The company saw stronger than expected tax return volume from states both with and without extended tax deadlines.

INTU in the first quarter of FY 24 has reported the adjusted earnings per share of $2.47, beating the analysts’ estimates for the adjusted earnings per share of $1.98. The company had reported the adjusted revenue of $3 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $2.88 billion.

Additionally, In the first quarter the company reported a total cash and investments balance of approximately $2.3 billion and $5.9 billion in debt as of October 31, 2023. This includes proceeds from $4 billion senior notes issued on September 15 at a weighted average coupon rate of 5.29 percent. Intuit repaid the $4.2 billion outstanding on its unsecured term loan on September 15. The company repurchased $603 million of shares, with $3.2 billion remaining on the company’s share repurchase authorization. The company has declared quarterly dividend of $0.90 per share, payable January 18, 2024. This represents a 15 percent increase compared to the same period last year.

For Q2, the company said it expects adjusted EPS of $2.25 to $2.31, shy of Wall Street estimates for $2.57. Looking further head, Intuit reiterated guidance for the full fiscal year 2024, forecasting adjusted EPS of $16.17 to $16.47 on revenue of $15.89B to $16.11B.

For the first quarter, Intuit has increased Small Business and Self-Employed Group revenue to $2.3 billion, up 18 percent; grew Online Ecosystem revenue to $1.6 billion, up 20 percent, expects reported Credit Karma revenue of $405 million, down 5 percent, grew Consumer Group revenue to $187 million, up 25 percent and increased ProTax Group revenue to $42 million, up 24 percent.