Intuit fiscal Q1 results top estimates, 2023 revenue guide down as Credit Karma weakens
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Intuit's (NASDAQ:INTU) fiscal Q1 2023 earnings and revenue came in above Wall Street expectations and climbed from a year before even after its "Credit Karma experienced continuing deterioration across all verticals in the last few weeks of the first quarter," said CFO Michelle Clatterbuck. 
But for its fiscal year, the small business, tax software and credit monitoring company lowered its revenue outlook to $14.04B-$14.20B from $14.49B-$14.7B. 2023 EPS, though, is still targeted to be $13.59-$13.89. 
The company sees a revenue slump of 15% to 10% in 2023 for its Credit Karma segment, down from the previous guidance of growth of 10% to 15%. 
Turning to Q3 results, adjusted EPS of $1.66, breezing past the average analyst estimate of $1.20, rose from $1.53 a year ago. 
Revenue of $2.6B, also exceeding the $2.5B consensus, jumped from $2.01B in Q1 2022. 
Credit Karma sales gained 2% Y/Y to $425M, driven by credit cards, offset by headwinds in personal loans, home loans, auto insurance and auto loans. 
INTU stock edged down 0.6% in after-hours trading. 
Earlier, Intuit Non-GAAP EPS of $1.66 beats by $0.46, revenue of $2.6B beats by $100M.