Intuit records growth on the back of AI investment

Intuit ’s investments in emerging technology looks to be paying off. In the early stages of AI tool deployment, Intuit is observing positive consumer feedback and significantly higher repeat usage cases, Chief Executive Sasan Goodarzi said during the company’s Aug. 21 earnings call, adding that Intuit will be “doubling down in these key [AI] areas” in the coming years. [caption id="attachment_186963" align="alignright" width="300"] (Courtesy/Bloomberg)[/caption] The parent company of Turbotax , Mailchimp , Credit Karma and Quickbooks in its fiscal fourth quarter, ended July 31, launched these AI-driven solutions: Tools to automate payments and categorize them in Quickbooks; Agentic AI tools for financial analytics, accounting, marketing and payments; and Virtual assistants for customer relationship management. “Our redesigned user interface and new business feed highlights these real-time insights and tasks completed by agents on behalf of the customer,” Goodarzi said during the call. “We’re leveraging data, data services, AI and human intelligence, to become the all-in-one platform for consumers, businesses, and accountants.” BY THE NUMBERS: In its fiscal fourth quarter, Intuit reported: Revenue of $3.8 billion, up 20% year over year; Operating income of $2.6 billion, up 25% YoY; and Revenue from Quickbooks of $2.2 billion, up 22% YoY. OF NOTE: The Mountain View, Calif.-based company has been using Google Cloud ’s cloud and AI services. This year, TurboTax teamed up with Google Cloud to help taxpayers file tax documents easily, according to Bank Automation News’ prior reporting. Intuit aims to “make AI pervasive across the company” by deploying it internally and externally, Ashok Srivastava , chief data officer at Intuit, previously told BAN . The company, he said, started deploying gen AI within its operations in 2023 and saw: 8X increase in developer velocity; 15% average productivity gains from gen AI implementation; Up to 30% faster coding in experiments with AI assistance; and 11% reduction in customer service time through chatbots and other tools.

Intuit records growth on the back of AI investment

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Intuit records growth on the back of AI investment

Credit Karma, Mailchimp, Quickbooks, Turbotax parent reported revenue up 20% YoY

Visa abandons open banking in US as data-access debate rages

Public fintechs outperforming a record stock market

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