Intuit beats first-quarter estimates on resilient demand for financial products

The logo of financial software company Intuit is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. REUTERS/Chris Helgren

(Reuters) - Accounting software-maker Intuit on Tuesday beat Wall Street estimates for first-quarter profit and revenue, on resilient demand for its artificial intelligence infused products that help businesses manage their financial needs.

Products offered by Intuit include tax-preparation software TurboTax, personal finance portal Credit Karma, and QuickBooks that help small businesses.

The Mountain View, California-based company posted revenue of $2.98 billion for quarter ended Oct. 31, compared with analysts' average estimates of $2.88 billion, according to LSEG data.

The company posted adjusted profit of $2.47 per share for the first quarter, compared with analysts' estimates of $1.98 per share.

In the reported quarter, revenue at Credit Karma fell 5% to $405 million, while revenue at its Consumer Group rose 25% to $187 million.

Intuit expects revenue for the second quarter to grow about 11% to 12%, while analysts expect growth of 11.9%.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber)

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