Intuit Inc. has raised its fiscal-year 2022 revenue guidance to 26% to 28% based on the acquisition of email platform Mailchimp.
Excluding Mailchimp, growth could total 18% to 20, up from a prior guidance of 15% to 16%.
The company -- a global technology platform that offers TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp -- reports gross Q1 (for fiscal 2022) revenue of $2 billion -- up from $1.3 billion the prior year.
This figure includes $418 from recently acquired Credit Karma, a quarterly record for that business.
The firm’s Small Business and Self-Employed Group reported growth of 32% to 33%, up from previous guidance of 12% to 14%.
This reflects 16% to 17% organic growth and a $760 million to $770 million contribution from the Mailchimp acquisition, the company says.
In addition, there was a 7% drop in operating income to $195 million YoY and a 9% uptick in earnings per share to $0.82.
The company notes that on November 1, it secured a $4.7 billion term loan under a new credit agreement to partially fund the Mailchimp acquisition.
“We are off to a strong start in fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses," states Sasan Goodarzi, Intuit's chief executive officer.
Goodarzi adds: "We continue to see strong momentum and proof that our Big Bets are further positioning us for durable growth in the future, and we're delighted that Mailchimp has joined Intuit."