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Intuit Cuts Q2 Outlook Amid Slow Forming Tax Season; Shares Fall

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By Yasin Ebrahim

Investing.com - Intuit cut its outlook on fiscal second-quarter revenue as performance was held back by a “slow forming tax season.”

Intuit (NASDAQ:INTU) stock was down 2.8%.

The company, known for its TurboTax products and QuickBooks accounting tools, trimmed its fiscal second-quarter revenue outlook to a range of $2.66 billion and $2.67 billion from a prior range of $2.72 billion to $2.75 billion. That was below analysts’ estimates for revenue of about $2.73 billion.

The company said, however, it continued to expect revenue of between $12.17 billion and $12.3 billion for the fiscal year 2022, just shy of its Wall Street estimates for $12.34 billion.

"We continue to see strong momentum across the company with Small Business and Credit Karma expected to deliver record high revenues for the quarter with tax on track to deliver full year fiscal 2022 revenue guidance,” said Sasan Goodarzi, Intuit’s chief executive officer.

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