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May 7, 2020, 4:19 p.m. EDT

TurboTax maker Intuit hit by coronavirus impact on small businesses, tax extension

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By Claudia Assis


Intuit Inc. /zigman2/quotes/203136605/composite INTU +1.08% late Thursday told investors to brace for fiscal third-quarter revenue and profit lower than what the company had guided due to the impact of the coronavirus pandemic on its small-business customers and also the extension of the tax-filing deadline to July 15. Shares fell more than 4% in the extended session, with Intuit also saying it was withdrawing the fiscal 2020 guidance "reflecting uncertainty in current small business trends." Small businesses "are facing a loss of income and a lack of savings to help them weather the storm," Intuit said. The deadline extension also meant that the company is experiencing "a significant revenue shift to the fourth fiscal quarter," Intuit said. More customers with complex returns are expected to to file later in the extended season, Intuit said. Intuit, the maker of tax-preparation software TurboTax, said it expects sales between $2.99 billion and $3 billion, down from a prior range between $3.6 billion and $3.625 billion. "Nearly all of the revenue change comes from the Consumer Group, related to the extended IRS deadline and the shift of tax filings from the third fiscal quarter to the fourth fiscal quarter," Intuit said. It called for GAAP per-share earnings between $4.08 and $4.11, down from a prior guidance of EPS of $5.53 and $5.58. Shares on Intuit ended the regular trading day up 1.8%.

US : U.S.: Nasdaq
$ 354.24
+3.77 +1.08%
Volume: 528,296
Nov. 27, 2020 1:00p
P/E Ratio
Dividend Yield
Market Cap
$92.08 billion
Rev. per Employee

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