Intuit Shares Drop After Quarterly Forecast Misses Expectations

The financial software company cites delayed TurboTax promotions and weak demand for its lowered second-quarter outlook, despite strong first-quarter performance.

Intuit reported first-quarter revenue of $3.28 billion, a 10% year-over-year increase that beat analyst expectations of $3.14 billion.
The company forecast second-quarter revenue between $3.81 billion and $3.85 billion, falling short of the $3.87 billion analysts anticipated.
A delay in TurboTax desktop software promotions is expected to cause a single-digit revenue decline in the consumer segment for the second quarter, though it will not impact full-year projections.
Shares dropped 6% in extended trading, adding to a 5% decline earlier in the week following reports that the incoming Trump administration is exploring a free tax-filing app.
Intuit maintains its full-year guidance for double-digit revenue growth, with CEO Sasan Goodarzi expressing optimism about economic improvements heading into 2025.