Intuit Shares Fall After Firm Sees Loss of 1 Million Free TurboTax Users Amid Q3 Results Beat-February 2024-www.financetom.com

Intuit Shares Fall After Firm Sees Loss of 1 Million Free TurboTax Users Amid Q3 Results Beat

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Intuit Shares Fall After Firm Sees Loss of 1 Million Free TurboTax Users Amid Q3 Results Beat

May 24, 2024 10:14 AM

12:57 PM EDT, 05/24/2024 (MT Newswires) -- Intuit (INTU) shares were down more than 8% in recent Friday trading after the company said it expects to lose around 1 million customers using the free version of TurboTax for the full fiscal year.

Free customers in the fiscal year ending July 31 are expected to be over 10 million, compared with over 11 million last year, the company said late Thursday.

"We actually see the customers that are just really looking for a free tax software and are bouncing between platforms, and we are not interested in those customers," Chief Executive Officer Sasan Goodarzi said in an earnings call.

Intuit reported Thursday fiscal Q3 non-GAAP earnings of $9.88 per share on revenue of $6.74 billion. Analysts polled by Capital IQ expected $9.38 for EPS on revenue of $6.64 billion.

Price: 607.91, Change: -54.35, Percent Change: -8.21

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