Intuit backs Q1 adjusted EPS view $2.33-$2.38, consensus $2.35

Backs Q1 revenue growth view 5%-6%. Intuit reaffirmed its financial guidance for the first quarter and full fiscal year 2025 in conjunction with its Investor Day, being held at the company’s Mountain View, California headquarters. The company said, “For the first quarter of fiscal year 2025, which ends Oct. 31, the company expects: Revenue growth of approximately 5 to 6 percent, including: Global Business Solutions Group revenue growth of 6 to 7 percent. The company expects online ecosystem revenue growth, the company’s growth catalyst, to accelerate to approximately 19 percent in the first quarter of fiscal 2025. The company expects desktop ecosystem revenue to decline approximately 20 percent in the first quarter of fiscal 2025, but return to growth in the second quarter. The first quarter desktop growth outlook reflects changes the company made to its QuickBooks desktop offerings in early fiscal 2024 to complete the transition to a recurring subscription model, including more frequent product updates. The company expects these changes to lower revenue in the first quarter of fiscal 2025 by approximately $160 million. This includes approximately $50 million that was recognized in the first three quarters of fiscal 2024, approximately $60 million recognized in the fourth quarter of fiscal 2024, and approximately $50 million that the company expects to shift from the first quarter of fiscal 2025 to later quarters in fiscal 2025. Credit Karma revenue to grow in the first quarter. Consumer Group and ProTax revenue to decline in the first quarter, as the company laps the period a year ago that included the extended California tax filing deadline. GAAP earnings per share of $0.61 to $0.66. Non-GAAP diluted earnings per share of $2.33 to $2.38.”