By Allison Prang
TurboTax owner Intuit Inc. reported that revenue fell 8.3% in the third quarter, hurt by the federal government's two-month extension on tax filings because of the Covid-19 pandemic.
The parent of QuickBooks and Mint said net profit was $1.08 billion in the quarter that ended April 30, down from $1.38 billion a year ago. Earnings were $4.11 a share, down from $5.22 a share, Intuit said Thursday.
The company said adjusted earnings were $4.49 a share. Those missed analysts' consensus of $4.63 a share, as recorded by FactSet.
Revenue was $3 billion. Analysts were expecting $3.01 billion.
The extension "caused the timing of millions of tax filings to shift later in the season" leading to the revenue drop, Chief Executive Sasan Goodarzi said in prepared remarks, adding that small businesses were hurt by shelter-in-place instructions.
Earlier this month, Intuit withdrew its guidance for the fiscal year and lowered its expectations for the third quarter.
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