Revenue for TurboTax Live, which enables users to ask a tax pro questions, grew by 17 percent for Intuit’s year ended July 31. Meanwhile, full-service customers, who opt for assistance tax preparation more than doubled, Intuit said in its recent earnings webcast.The software company also said the number of QuickBooks Live customers, more than tripled, although it did not disclose the number of purchasers of the two offerings. QB Live similarly offers users the ability to ask a profession about bookkeeping issues.
Intuit will make a big push to grow its assisted products, CEO Sasan Goodarzi said during the webcast.
“We expect our accelerated investment in these areas to deepen our penetration in very manual, high-priced, and dis-aggregated assisted categories,” Goodarzi said. The effort will also include a large dose of AI technology.
CFO Sandeep Aujla said TurboTax Live accounted for about 30 percent of the revenue of the Consumer Group $4.45 billion in revenue in fiscal 2024. “And we expect it to become the majority of Consumer Group revenue in the coming years,” Aujla said.
The growth has Intuit increasing its forecast for the Consumer Group’s long-term growth rate to 10 percent from a previous estimate of 6 percent and is pushing the expected rate of TurboTax Live revenue growth to 20 percent from a prior 15 percent.
Overall, Intuit reported revenue of slightly less than $3 billion for the most recently ended period, an increase of 24.2 percent from $2.38 billion for fiscal 2023. Fiscal 2024 revenue was $16.29 billion, up 13.3 percent from $14.39 billion.
