Global financial technology platform Intuit, known for products like TurboTax, Credit Karma, QuickBooks and Mailchimp, has reported significant growth in revenue and earnings for the fourth quarter and full year results of 2023.
According to the company’s earnings results released on Thursday (Aug. 24), total revenue for the full fiscal year 2023 increased 13% year over year (YoY) to $14.4 billion, while small business and self-employed group revenue and online ecosystem revenue grew by 24% and 30%, respectively.
The consumer group revenue also grew 6% to $4.1 billion. However, Credit Karma revenue declined by 9% to $1.6 billion.
Commenting on the results, Intuit CEO Sasan K. Goodarzi said that despite operating in an uncertain macroeconomic environment, Inuit is “entering into its most exciting era yet,” pointing to how its strategy to be a global, AI-driven expert platform is powering the growth of consumers and small businesses.
He added that over the years, the company has transformed from a tax and accounting platform where consumers and small businesses had to do the work to achieve the benefits that they were seeking to a global financial platform where Intuit does the heavy lifting for them.
“Now we’re creating a future of ‘done for you’ where the hard work is done automatically on behalf of our customers to fuel their financial success. This future is only possible because of our history of significant investments in our platform, talent, data and AI,” Goodarzi said.
Overall, investments in data and AI have enabled the company to accelerate innovation and fine-tune its financial large language models, Goodarzi said.
“At the core of our platform is powerful, relevant data. Intuit has incredibly rich longitudinal transactional and behavioral data for 100 million customers. This data gives us insights into behaviors, income streams, expenses, profitability, and cash flows, enabling us to provide personalized experiences and recommendations to help them prosper.”
Intuit has introduced its generative AI operating system, GenOS, which has empowered Intuit’s technologists to create breakthrough generative AI experiences, according to Goodarzi.
“We are using a platform approach, giving our teams across Intuit the resources and tools they need to design, build, test, and deploy these new experiences with unparalleled ease,” he said.
Looking ahead, the firm said a focus will be to become the go-to platform for small businesses, providing solutions to help customers thrive in an omnichannel world, whether it’s acquiring new customers to managing capital and paying employees.
Against that backdrop, Intuit announced in July the launch of its new QuickBooks Workforce mobile app, designed to help employees of firms across the U.S., Canada, the U.K. and Australia reduce administrative and payroll tasks. The app is accessible on both Android and iOS devices, providing a centralized hub for users to manage their work and pay, including invoicing customers accurately for billable time.
In May, the company announced a partnership with Fyle to offer small and medium-sized businesses (SMBs) a set of real-time expense management and simplified bookkeeping solutions. The Fyle and Intuit QuickBooks automates expense reporting, credit card reconciliation, and enables businesses to achieve a faster month-end close.
Fyle also integrates with Visa and Mastercard business and corporate credit cards, allowing employees to receive SMS and Slack notifications upon spending, and then submit their receipts in the form of a text and a picture, PYMNTS reported.
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