Intuit (NASDAQ: INTU) stock surged 8.92% in pre-market trading on Friday following the company's impressive third-quarter results and raised full-year guidance. The tax and business software firm reported stronger-than-expected earnings and revenue, driven by an outstanding tax season and continued momentum in its AI-driven products.

For the third quarter ended April 30, Intuit posted adjusted earnings of $11.65 per share, significantly beating analysts' expectations of $10.91. Revenue for the quarter came in at $7.75 billion, surpassing the estimated $7.56 billion. The company's performance during its crucial tax season quarter demonstrated its ability to capitalize on the growing demand for its financial management and compliance products.

In light of the strong results, Intuit raised its full-year guidance for fiscal 2025. The company now expects revenue growth of about 15%, up from its previous forecast of 12% to 13%. Adjusted earnings per share are projected to be between $20.07 and $20.12, higher than earlier estimates. CEO Sasan Goodarzi highlighted the "breakthrough adoption year" for TurboTax Live, with revenue growing 47% year-over-year and customer base expanding by 24%. The company's focus on AI-driven innovations has led to improved user experiences, with average tax return preparation time reduced by 12% and over half of its customers completing their filings in under an hour.

Following the earnings release, several analysts raised their price targets for Intuit, further boosting investor confidence. Notable upgrades include Jefferies raising its target to $850 from $735, Barclays increasing to $815 from $775, and JP Morgan lifting to $770 from $660. The positive sentiment surrounding Intuit's performance and future outlook has contributed to the significant stock price increase in pre-market trading.