Intuit (INTU -0.38%) earnings are out -- and they look great. Not only did the financial-software company's top and bottom lines both beat analysts' expectations, but the company also raised its full-year revenue guidance due to a combination of strong business momentum and its recent acquisition of Mailchimp.

It's safe to say that expectations were high going into the earnings report. Shares of Intuit have risen 66% year to date, crushing the S&P 500's 25% gain. But based on the tech stock's near 9% gain in after-hours trading on Thursday, Intuit still managed to impress, despite investors' elevated view.

Here's a closer look at the company's stellar fiscal first-quarter results.

A small business owner using QuickBooks Online on a laptop.

QuickBooks. Image source: Intuit.

Intuit's big bets are paying off

Intuit has made some bold acquisitions recently. Last summer, the company acquired personal-finance specialist Then, the company closed an acquisition of credit-score tracking company Credit Karma in December. Finally, Intuit closed on its acquisition of Mailchimp on Nov. 1. 

Based on the company's better-than-expected fiscal first-quarter financial results and management's optimism about Intuit's business, these big bets are paying off nicely. Helped by its recent acquisition of Credit Karma, Intuit's first-quarter revenue increased 52% year over year to more than $2 billion. Non-GAAP (adjusted) earnings per share increased 63% year over year to $1.53. Analysts, on average, were expecting revenue of $1.81 billion and adjusted earnings per share of $0.99.

While much of this growth was fueled by acquisitions, organic growth in the company's QuickBooks product was impressive, too. QuickBooks Online Accounting revenue increased 32% year over year, management said. Further, the company's Credit Karma business is doing very well, reporting quarterly revenue of $418 million, up from quarterly revenue of $405 million just three months earlier.

"Credit Karma saw record revenue in the quarter driven by strength in personal loans and credit cards combined," management said in the company's third-quarter earnings release.

A rosy outlook

Management's updated outlook was just as exciting as Intuit's fiscal first-quarter results. The company said that it now expects fiscal 2022 revenue to increase 26% to 28% year over year. Excluding Intuit's recent acquisition of Mailchimp, this represents 18% to 20% growth -- up from the 15% to 16% growth management was guiding for previously.

"We are 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," said Intuit CEO Sasan Goodarzi in the earnings report.

Importantly, management expects non-GAAP earnings per share to grow 18% to 20%, even as Intuit reinvests heavily into growth opportunities. This is higher than management's previous view for earnings per share to increase 13% to 16%.