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Intuit (NASDAQ: INTU) delivered stronger-than-expected fiscal third-quarter earnings and raised its full-year guidance, driven by growth in its AI-powered financial platform. Despite the upbeat results, Intuit stock plunged more than 10% in after-hours trading as investors remained concerned about the long-term impact of artificial intelligence on software companies.
The financial technology giant now expects full-year revenue between $21.34 billion and $21.37 billion, representing annual growth of 13% to 14%. The updated forecast exceeds both the company’s earlier guidance and Wall Street expectations. Intuit also increased its adjusted earnings per share outlook to $23.80-$23.85, ahead of analyst estimates of $23.22.
For the fiscal fourth quarter, Intuit projects revenue growth of 11% to 12% and adjusted EPS of $3.56-$3.62, also topping market forecasts.
During the third quarter ended April 30, Intuit posted revenue of $8.56 billion, up 10% year-over-year and slightly above analyst expectations. Adjusted EPS reached $12.80, beating the consensus estimate of $12.57. Adjusted operating income climbed 8% to $4.68 billion.
CEO Sasan Goodarzi credited the company’s strong performance to its AI-driven expert platform strategy. He highlighted the combination of proprietary financial data, artificial intelligence capabilities, and human expertise as a major competitive advantage.
CFO Sandeep Aujla dismissed concerns that AI could threaten Intuit’s core business. According to Aujla, customers value trusted financial guidance rather than software alone, noting that consumers spend significantly more on tax and accounting experts than on basic software products.
Intuit’s Consumer segment, which includes TurboTax and Credit Karma, generated $5.3 billion in revenue, an 8% increase from a year earlier.
The company also announced plans to cut 17% of its workforce as part of a restructuring effort expected to cost between $300 million and $340 million. Additionally, Intuit repurchased $1.6 billion worth of shares during the quarter and approved a new $8 billion stock buyback program. The board also raised the quarterly dividend by 15% to $1.20 per share.
