(Reuters) -Intuit forecast second-quarter revenue growth above Wall Street estimates on Thursday, a sign of growing demand for its artificial intelligence-powered financial management tools.
The company,
which offers products such as tax-preparation software TurboTax, finance portal Credit Karma and accounting tool QuickBooks, is benefiting as customers increasingly seek personalized financial guidance and automated solutions for tasks such as bookkeeping.
On Tuesday, Intuit signed a multi-year deal worth more than $100 million with OpenAI to use the ChatGPT maker's AI models to power the company's AI agents, systems capable of taking actions on behalf of users.
The company is doubling down on developing "done-for-you" services that combine AI and expert-assisted services, helping customers manage their sales leads to cash flow.
Earlier in the day, the company named ServiceNow CEO Bill McDermott and Nasdaq CEO Adena Friedman to its board, effective August 2026, while Intuit's CEO Sasan Goodarzi is set to become board chair on January 22, 2026.
Intuit forecast revenue growth of about 14% to 15% for the second quarter ending January 31, above analysts' average estimate of 12.8% growth, according to data compiled by LSEG.
However, its adjusted earnings per share outlook of $3.63 to $3.68 for the quarter fell short of the estimated $3.83.
Revenue for the first quarter rose 18% to $3.89 billion, handily beating estimates of $3.76 billion.
Adjusted EPS of $3.34 also exceeded estimates of $3.09 for the quarter ended October 31.
"We are confident in delivering double-digit revenue growth and expanding margin this year, and we are reiterating our full-year guidance for fiscal 2026," Chief Financial Officer Sandeep Aujla said in a statement.
The board also approved a quarterly dividend of $1.20 per share, a 15% year-on-year increase.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Vijay Kishore)
