Summary by Futu AI
Intuit Inc. delivered strong financial results for fiscal year 2024, with total revenue increasing 13% to $16.3 billion and net income rising 24% to $3.0 billion. Operating income grew 16% to $3.6 billion, while diluted earnings per share increased 24% to $10.43. The Small Business & Self-Employed segment led growth with revenue up 19% to $9.5 billion.The Consumer segment revenue rose 7% to $4.4 billion, driven by a shift to higher-priced services like TurboTax Live. Credit Karma revenue increased 5% to $1.7 billion, while ProTax revenue grew 7% to $599 million. Service revenue represented 85% of total revenue and is expected to continue growing as a percentage of revenue long-term.The company announced a restructuring plan in July 2024 focused on reallocating resources to key growth areas, resulting in a $223 million charge primarily related to employee severance. Intuit maintained strong cash flow from operations at $4.9 billion and returned capital to shareholders through $2.0 billion in share repurchases and $1.0 billion in dividends.
