Intuit (INTU, Financial) was highlighted in the Baron FinTech Fund's Q1 2023 letter for its strong performance. The company, a leader in accounting software for small businesses and tax preparation software for individuals, reported quarterly results that exceeded expectations, with 14% revenue growth and 42% EPS growth. Management expressed confidence in their outlook and reaffirmed full-year financial guidance, alleviating investor concerns about potential macro-driven guidance cuts. The fund continues to hold Intuit due to its strong competitive position and numerous growth opportunities.
"Intuit Inc. is the leading provider of accounting software for small businesses and tax preparation software for individuals and tax professionals. Shares contributed after the company reported quarterly results that exceeded Street expectations with 14% revenue growth and 42% EPS growth. Management expressed confidence in their outlook and reaffirmed full-year financial guidance, which came as a relief to investors who feared a macro-driven guidance cut. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities." — Baron FinTech Fund, Q1 2023 Fund Letter
Read full letter at gurufocus Baron FinTech Fund 2023 Q1 page.
