Strong Fourth Quarter Performance Led By 35 Percent Online Ecosystem Revenue Growth; Company Sets Guidance for Fiscal 2020
MOUNTAIN VIEW, Calif. - Aug. 22, 2019 - Intuit Inc. (Nasdaq: INTU) announced financial results for the fourth quarter and full fiscal year 2019, which ended July 31.
"Our business continued its strong momentum in the fourth quarter, resulting in full year revenue growth of 13 percent, exceeding our original guidance of 8 to 10 percent growth," said Sasan Goodarzi, Intuit's chief executive officer. "These results were fueled by 15 percent growth in the Small Business and Self-Employed Group, and 11 percent growth in the Consumer Group.”
"By focusing on delivering more value to our customers - and addressing their biggest pain points - we’ve achieved strong Online Ecosystem revenue growth and posted a second consecutive year of double-digit revenue growth in our Consumer business. This reflects significant improvements to the customer experience across both the DIY and assisted tax preparation categories," said Goodarzi.
"Our strategy to become an A.I.-driven expert platform has already delivered strong results and we think we’re well-positioned for durable growth in the future."
For the fourth quarter, Intuit:
Grew revenue to $994 million, up 15 percent year-over-year.
Grew Online Ecosystem revenue by 35 percent.
For the full year, Intuit:
The following information was filed by Intuit Inc (INTU) on Thursday, August 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-K Annual Report Accession Number: 0000896878-19-000132 Submitted to the SEC: Fri Aug 30 2019 4:30:04 PM EST Accepted by the SEC: Fri Aug 30 2019 Period: Wednesday, July 31, 2019 Industry: Prepackaged Software