Intuit Cuts Sales Forecast on ‘Slower Forming’ Tax Season
(Bloomberg) -- Intuit Inc., the maker of Turbo Tax software, reduced its fiscal second-quarter revenue forecast on a “slower forming tax season.”
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Sales will be as much as $2.67 billion in the period ended Jan. 31, from a previous forecast of as much as $2.75 billion, the Mountain View, California-based company said Monday in a statement.
Intuit affirmed its previous full-year revenue forecast of as much as $12.3 billion, or growth of as much as 28%, including sales as of Nov. 1 from its acquisition of Mailchimp. The company said it will “refresh” its annual forecast and report full quarterly results on Feb. 24.
“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,” Chief Executive Officer Sasan Goodarzi said in the statement.
The shares declined about 2.5% in extended trading after closing at $529.05 in New York. The stock has dropped 18% this year.
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