By Ben Glickman

Intuit's fiscal first-quarter profit jumped after the company logged sharp growth in its small business and self-employed group.

The Mountain View, Calif.-based financial technology software provider logged a profit of $241 million, or 85 cents a share, in the quarter ended Oct. 31, compared with $40 million, or 14 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of 20 cents.

Stripping out certain one-time items, adjusted per-share earnings came to $2.47, ahead of the $1.98 forecast by analysts, according to FactSet.

Revenue rose 15% to $2.98 billion, beating the $2.88 billion expected by analysts polled by FactSet.

The company's results were boosted by higher revenue in its small business and self-employed group. The group saw more customers and higher effective prices, Intuit said.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 28, 2023 16:28 ET (21:28 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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