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What’s happening: Shares of Intuit rose sharply on Friday, after the company reported results for its fiscal third quarter.
What happened: The QuickBooks and TurboTax parent posted better-than-expected sales and earnings for the quarter.
Intuit also raised its guidance for the full year, providing a further boost to the stock.
How were the results: The Mountain View, California-based company reported low double-digit growth in sales for its third quarter.
Why it matters: Intuit provides software products for tax preparation, including accounting software QuickBooks, TurboTax and Credit Karma With people filing their income tax returns during the US tax season, the company witnessed higher demand for its solutions.
The company generated growth in all its major segments, with Credit Karma and Online Ecosystem segments recording the strongest surge in revenues. Credit Karma’s topline climbed 31% to $579 million, while Online Ecosystem’s revenues jumped 20%.
The company closed the quarter with total cash and investments worth $6.2 billion and debt worth $6.4 billion.
“We’re redefining what’s possible with AI by becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses,” CEO Sasan Goodarzi said.
Management guided to revenues of $3.72-$3.76 billion for the fiscal fourth quarter and adjusted earnings of $2.63-$2.68 per share, higher than estimates of $2.59 per share.
Intuit raised its outlook for the year, projecting revenues of $18.72-$18.76 billion, versus its previous guidance of $18.16-$18.35 billion. The company raised its earnings guidance to $20.07-$20.12 per share, from its previous forecast of $19.16-$19.36 per share.
How shares responded: Intuit’s shares climbed 8.1% to close at $720.13 on Friday, following the release of quarterly results. The stock has jumped around 17% over the past month.
What to watch: The IRS announced a free tax filing pilot program. Investors will watch the impact of this and other free tax software options on Intuit’s user base.
Context: The CAD/USD forex pair jumped to a seven-month high on Friday, amid weakness in the US dollar.
Details: The Canadian dollar jumped to 1.375 during Friday’s trading session, recording the strongest level since October 2024. The loonie has received support from prospects of the Bank of Canada’s less-dovish stance.
The latest data came after the trimmed-mean core inflation rate accelerated to more than a one-year high, fanning speculations of the Bank of Canada keeping its benchmark interest rates unchanged in June.
Canada’s retail sales grew 0.5% in April, following 0.8% growth in March. This signalled continuous consumer strength despite aggressive tariffs imposed by the US.
Weakness in the US dollar provided further support to the CAD/USD forex pair. The US dollar remained weak following the approval of a tax bill by the lower house that would increase federal budget deficit.
The US dollar index, which measures the greenback’s performance versus a basket of major rivals, fell around 0.9% to 99.10 on Friday.
Strength in prices of crude oil, one of Canada’s major exports, provided further support to the loonie. WTI crude oil prices jumped 33 cents to close at $61.53 a barrel on Friday.
The USD/CAD pair dipped around 0.9% to 99.10 on Friday.
What to watch: Investors await the release of economic data on Canada’s manufacturing sales (1630 UAE Time) today. Manufacturing sales in Canada, which fell by 1.4% to C$71.9 billion in March, are expected to grow by 0.2% in April.
Other Markets: US trading indices closed lower on Friday, with the Dow Jones index, S&P 5000 and Nasdaq 100 down by 0.61%, 0.67% and 1.00%, respectively.
Russia and Ukraine completed the largest swap of prisoners since the war began, exchanging 1,000 prisoners each. The news sent the safe-haven US dollar index lower in forex trading this morning.
Peru’s economy grew by 3.9% year-over-year in the first quarter, easing from 4.9% in the previous period. Yet, this being the fifth consecutive year of growth lent support to the PEN/USD forex pair.
The Irish Credit Union Consumer Sentiment Index climbed to 60.8 in May, from 58.7 in the previous month. The region’s consumer sentiment rising for the first time in four months sent the EUR/USD pair higher in forex trading this morning.
Mexico’s current account deficit shrank to $7.61 billion in the first quarter, from $22.207 billion in the year-ago period, which lent support to the MXN/USD forex pair.
Paraguay’s central bank kept its benchmark interest rate unchanged at 6% in May, which sent the PYG/USD pair lower in forex trading this morning.
Brazil’s FGV consumer confidence (1500 UAE Time), current account (1530 UAE Time) and foreign direct investment (1530 UAE Time), as well as France’s 12-month BTF auction (1700 UAE Time), 3-month BTF auction (1700 UAE Time) and 6-month BTF auction (1700 UAE Time).
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