Intuit has reported a net loss of $20m for the fourth quarter of fiscal year 2024 (Q4 FY24), while continuing to advance its artificial intelligence (AI)-driven expert platform strategy.
In contrast to Q4 FY24, the financial technology platform made a profit of $89m for the same quarter of the previous fiscal year.
During the earnings call, Intuit’s leadership emphasised that the company’s strategic direction and its ‘Big Bets’ have positioned Intuit as a mission-critical platform, driving sustained growth through end-to-end solutions.
The company highlighted its early and significant investments in AI capabilities, including knowledge engineering, machine learning, and generative AI (GenAI).
Intuit serves around 100 million customers globally with products like TurboTax, Credit Karma, QuickBooks, and Mailchimp. In Q3 FY24, the American financial software company posted a net income of $2.4bn.
However, the company’s total net revenue for Q4 FY24 increased by 17% to $3.2bn, driven by the growth in small business and self-employed group revenue and online ecosystem revenue.
Despite the loss in net income, the company made significant strides in its ‘Big Bets,’ particularly with Intuit Assist, a gen AI-powered financial assistant. It was made available to millions of consumers and approximately one million small and mid-market businesses in FY24.
The company plans to accelerate its rollout in the coming year.
Furthermore, TurboTax Live and QuickBooks Live saw strong growth, with TurboTax Live revenue growing 17% and full-service customers doubling.
These investments are expected to deepen Intuit’s penetration into high-priced, manual, and disaggregated assisted categories.
Intuit Credit Karma’s revenue increased by 14% to $485m, although the company’s consumer group revenue was down by 12% to $113m.
Total costs and expenses for the reported quarter were $3.3bn, leading to an operating loss of $151m compared to a profit of $17m in the previous fiscal year.
For the full fiscal year FY24, Intuit reported a total net income of $2.96bn, a 24% increase compared to $2.38bn the prior year.
Total revenues for the fiscal year were $16.3bn, driven by combined platform revenue, including the small business and self-employed group, TurboTax Online, and Credit Karma, showcasing a growth of 14% to $12.5bn.
Intuit CEO Sasan Goodarzi said: “We delivered very strong results for the fourth quarter and full year, and made meaningful progress with our AI-driven expert platform strategy that positions the company for durable growth in the future.
“Our strategy and five Big Bets are solving our customers’ biggest problems as we deliver on our mission to power prosperity for consumers, and small and mid-market businesses.”
Intuit also announced a guidance for Q1 FY25. The company expects revenue growth in the range of about 5% to 6%.
