Intuit jumped over 12% in morning trading after showing its better than expected financial report

Intuit jumped over 12% in morning trading after showing its better than expected financial report.The company announced the latest quarterly financial report, showing that the quarterly sales were 2.01 billion US dollars, an increase of 51.7% year-on-year and higher than the expected 1.81 billion US dollars; The revenue was USD 1.53/share, up 62.77% year-on-year, and higher than the expected USD 0.99/share.

CEO Sasan Goodarzi remarked that the company is "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."

Added Goodarzi,"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."

Goodarzi was referring to the company's acquisition of The Rocket Science Group LLC, makers of Mailchimp, for $12.4 billion in cash, a deal completed November 1st.

Intuit's purchase of Mailchimp was for the purpose of enabling Intuit it to build an "end-to-end customer growth platform" for SMBs.

Intuit expects that its SMB platform will enable businesses to go online, market, manage customer relationships and get analytics while managing cash flow.

Revenue in the three months ended in September rose 57%, year over year, to $2 billion, yielding a net profit of $1.53 a share, excluding some costs.