Intuit (NASDAQ:INTU) shares rose more than 7% yesterday following the company’s reported Q1 results, with EPS of $1.66 coming in better than the Street estimate of $1.19. Revenue was $2.6 billion, beating the Street estimate of $2.5 billion.
The Small Business segment was the primary Q1 upside driver, as the Consumer (primarily TurboTax)/ProTax segments weren't meaningful (10% revenue mix) in seasonally-light Q1. Small Business segment revenue grew 38% year-over-year (19% year-over-year excluding Mailchimp acquisition contribution). Adversely impacted by economic headwinds, Credit Karma (16% of Q1 revenue mix) grew revenue by 2%.
For fiscal 2023, the company expects EPS to be in the range of $13.59-$13.89, compared to the Street estimate of $13.75. Revenue is expected in the range of $14.04-14.25 billion, compared to the Street estimate of $14.53 billion.