>>> Intuit (NASDAQ:INTU) has many business software products under its umbrella. However, the company’s most famous software is TurboTax. People use the product to file their taxes every year, and it results in steady revenue for the company. Quickbooks is another popular tool that Intuit owns.
The company’s Q2 FY24 results indicate more growth is ahead. Revenue increased by 11% year-over-year while net income more than doubled year-over-year. Intuit reiterated guidance for the fiscal year which projects 11%-12% year-over-year revenue growth. Expanding profit margins will make the company’s valuation more appealing for long-term investors. All in all, it’s one of those growth stocks to consider.
Intuit has been a winning stock for patient investors. Shares are up by 61% over the past year and have gained 165% over the past five years. The company’s vast array of business software gives it many opportunities to gain market share for the benefit of long-term investors. The stock offers a low 0.55% dividend yield, but growth rates have been solid. The company hiked its dividend by 15.4% year-over-year in 2023.
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