Intuit Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended July 31, 2022
August 23, 2022 at 04:06 pm EDT
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Intuit Inc. reported earnings results for the fourth quarter and full year ended July 31, 2022. For the fourth quarter, the company reported revenue was USD 2,414 million compared to USD 2,561 million a year ago. Net loss was USD 56 million compared to net income of USD 380 million a year ago. Basic loss per share from continuing operations was USD 0.2 compared to basic earnings per share from continuing operations of USD 1.39 a year ago. Diluted loss per share from continuing operations was USD 0.2 compared to diluted earnings per share from continuing operations of USD 1.37 a year ago.
For the full year, revenue was USD 12,726 million compared to USD 9,633 million a year ago. Net income was USD 2,066 million compared to USD 2,062 million a year ago. Basic earnings per share from continuing operations was USD 7.38 compared to USD 7.65 a year ago. Diluted earnings per share from continuing operations was USD 7.28 compared to USD 7.56 a year ago.
Intuit Inc. specializes in the development, publishing and marketing of management software for private individuals and for small and medium businesses. The group also offers consulting, training, and technical assistance services, etc. Net sales break down by family of products as follows:
- management software (55.9%): accounting management, financial, commercial, real estate, payroll preparation, and other types of software, mainly sold under the QuickBooks and Intuit brands;
- personal tax management software (28.8%): TurboTax brand;
- personal credit management and verification software (11.4%; Credit Karma);
- professional tax management software (3.9%; ProTax): Lacerte, ProSeries, ProFile and ProConnect Tax Online brands for professional accountants.
Almost all sales are in the United States.