Intuit Adjusts Second Quarter Outlook Reflecting the Impact of a Late Opening to the Tax Season; Reiterates Full-Year Guidance
MOUNTAIN VIEW, CA (STL.News) Intuit Inc. (Nasdaq: INTU), creator of TurboTax, QuickBooks, Credit Karma, and Mint, today announced that revenue and operating income for its second fiscal quarter were lower than expected due to the tax season opening later this year. The IRS announced it would be accepting and processing returns starting Feb. 12, compared to Jan. 27 last year, with the later start allowing the IRS time to do additional programming and testing of its systems.
Intuit reiterated full-year revenue, operating income, and earnings per share guidance.
For the second fiscal quarter ended Jan. 31, the company expects to report:
- Revenue of $1.570 billion to $1.575 billion, down from the prior range of $1.935 billion to $1.965 billion.
- GAAP operating loss of $30 million to $25 million, down from the prior GAAP operating income range of $171 million to $191 million.
- Non-GAAP operating income of $230 million to $235 million, down from the prior range of $455 million to $475 million.
- GAAP diluted earnings per share of $0.06 to $0.07, down from the prior range of $0.43 to $0.49.