By Dhirendra Tripathi
Investing.com – Intuit stock (NASDAQ:INTU) soared 12% Friday as the company raced past estimates in the first quarter and raised its guidance.
The company got more customers, raised prices and was able to sell more of higher-margin solutions to grow its revenue 52% year-on-year to $2 billion. The company’s $8.1-billion purchase of credit-score tracker Credit Karma also boosted revenue.
Since November 1, the company has also integrated customer engagement platform Mailchimp -- a company it bought for $12 billion in a cash-and-stock deal. Along with the strong sales momentum, Mailchimp’s addition also helped the company raise its annual guidance to around $12 billion after last year’s $9.6 billion.
Excluding Mailchimp, revenue is seen growing 19% at center of the range, up from the 15% the 16% growth given as guidance earlier.
Adjusted profit per share in the first quarter jumped more than 50%, to $1.53.
The company said it still has $3 billion of stock purchases to do as per a previously approved plan and will attempt to hit the market every quarter.
Intuit’s board also approved a hike of 15% in the quarterly dividend and will pay out 68 cents per share in January.