Intuit Inc. (NASDAQ:INTU) recently announced financial results for the first quarter of fiscal 2019, which ended Oct. 31. “We are off to a strong start this year, with overall revenue growth of 12 percent during the first quarter, with strength across each of our businesses,” said Brad Smith, Intuit’s chairman and chief executive officer.
The stock pulled back in response to the news to test a rising 200-day moving average in the $200/share area. For the first quarter, Intuit grew total revenue to $1.0 billion, up 12 percent, increased Online Ecosystem revenue by 42 percent, reported a GAAP operating loss of $10 million, versus a $35 million loss a year ago, and reported a non-GAAP operating income of $102 million, versus $65 million last year.
Intuit Inc. (NASDAQ:INTU) promulgates itself as a company that provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally.
The company’s Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
This segment also offers payment processing solutions, including credit card, debit card, electronic benefits, and gift card processing services; check verification, check guarantee, and electronic check conversion services; e-invoicing services; and Web-based transaction processing services for online merchants, as well as provides financial supplies and financing for small businesses.
Its Consumer segment provides TurboTax Online tax return preparation services and electronic tax filing services. The company’s Strategic Partner segment offers Lacerte, ProSeries, and ProFile desktop tax preparation software products; and ProConnect Tax Online tax return preparation services, bank products, and related services.
It sells products and services through various sales and distribution channels, including Websites, promotions, call centers, retail display, and online and mobile application stores, as well as through selected alliance partners and accountants. Intuit Inc. was founded in 1983 and is headquartered in Mountain View, California.
Fortune and Glory?
We started off by noting that INTU recently hit the wires with the announcement of its financial results for the first quarter of fiscal 2019, which ended Oct. 31.
“Small Business and Self-Employed Group delivered another strong quarter and we expect momentum to continue as we place an increased emphasis on online services to deliver greater value to our customers. This includes services such as QuickBooks Capital, an innovative same-day payroll capability within QuickBooks Online Payroll, and our soon to be launched next-day funding within QuickBooks Payments.
The stock has suffered a bit of late, with shares of INTU taking a hit in recent action, down about -5% over the past week.
“The team is also gearing up for tax season, focused on delivering the benefits of DIY tax prep while transforming the assisted tax segment. With TurboTax Live we’re combining breakthrough technology with decades of tax expertise to deliver an outstanding end-to-end experience that increases the confidence of our customers. Looking ahead to the tax season, we are very pleased with the opportunities to address the needs of more tax filers with TurboTax Live.
Intuit Inc. (NASDAQ:INTU) is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($1.7B against $2.1B, respectively).