Increased adoption of artificial intelligence (AI) boosted profits at financial software company Intuit.
Intuit is a US company that develops products such as QuickBooks, TurboTax, and Mint, which help individuals and businesses manage taxes, accounting, and personal finances efficiently and securely.
Increased adoption of artificial intelligence
The Virtus Investment Trust investment fund believes that the AI wave continued to benefit technology hardware companies, as companies that develop basic AI components worked to provide the necessary infrastructure.
Technology companies are projected to spend billions on equipment and software related to artificial intelligence. At the same time, corporate capital investment is expanding into sectors such as manufacturing and utilities.
Artificial intelligence encompasses systems capable of performing tasks that normally require human intelligence. It includes machine learning models designed to analyze data, detect patterns, and learn from experience. It also enables faster and more accurate decision-making and problem-solving.
Financial technology
The parent company of TurboTax, Credit Karma, QuickBooks, and Mailchimp reported better-than-expected results for the 12-month period. In the fiscal year ending July 31, 2025, revenue grew 16% year-on-year to $18.831 billion. Net income increased 31% to $3.869 billion.
Shares rose sharply at the close of the report. In the tax season quarter, the consumer segment exceeded expectations, driven by the adoption of Intuit Assist, the new artificial intelligence tool for tax preparation.
AI, with variants such as GenAI, predictive, and agent, is transforming industries, especially financial technology. Disruptive startups and large platforms are leveraging these innovations to offer personalized, data-driven services at greater speed.
This dynamic environment is increasing competition and redefining customer expectations in an increasingly digitized market. Several emerging fintech companies also benefited from advances in artificial intelligence.