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Intuit beats Q3 but TurboTax weakness drags shares as layoffs loom
business5 days ago

Intuit beats Q3 but TurboTax weakness drags shares as layoffs loom

Intuit posted a Q3 beat with revenue of $8.56 billion and adjusted earnings of $12.80 per share, led by strength in Global Business Solutions and Online Ecosystem, but the stock fell about 20% as investors priced in a weaker long‑term TurboTax outlook and a plan to cut 3,000 jobs (about 17% of the workforce) with $300–$340 million in restructuring charges. Management still raised full-year guidance, but flagged slower TurboTax growth ahead, with TurboTax Online units expected to decline ~2% and share of e-file tax returns to drop about a point, while TurboTax Live revenue is seen growing ~36% to $2.8 billion and paying users rising modestly.

via Yahoo Finance|
#business#guidance#intuit
Supermicro Stock Boosts S&P 500 to End Week on High Note
finance1 year ago

Supermicro Stock Boosts S&P 500 to End Week on High Note

The S&P 500 rose 0.4% on Friday, concluding a strong week for stocks, driven by earnings from Nvidia and major retailers. Super Micro Computer led the S&P 500 with an 11.6% gain, marking its fourth top performance this week, following a compliance plan to avoid delisting and a mention in Nvidia's earnings call. Copart and Moderna also saw significant gains, while Intuit's shares fell 5.7% due to a disappointing outlook. The Dow increased by 1%, aided by Boeing, and the Nasdaq ended slightly up by 0.2%.

via Yahoo Finance|
#finance#intuit#moderna
Supermicro Stock Surges Amid Delisting Concerns
finance1 year ago

Supermicro Stock Surges Amid Delisting Concerns

The S&P 500 rose 0.4% on Friday, capping a strong week for stocks driven by positive earnings from Nvidia and major retailers. Super Micro Computer led the S&P 500 with an 11.6% gain, marking its fourth top daily performance this week, following a compliance plan to avoid delisting and a mention in Nvidia's earnings call. Copart and Moderna also saw significant gains, while Intuit shares fell 5.7% due to a disappointing outlook. The Dow increased by 1%, aided by Boeing, while the Nasdaq ended slightly up.

via Investopedia|
#finance#intuit#moderna
Intuit Stock Dips on Lower Guidance Despite Beating Q1 Targets
business1 year ago

Intuit Stock Dips on Lower Guidance Despite Beating Q1 Targets

Intuit reported better-than-expected earnings for its fiscal first quarter, with adjusted earnings of $2.50 per share on $3.28 billion in sales, surpassing analyst expectations. However, the company's guidance for the current quarter and full fiscal year fell short of Wall Street estimates, leading to a 4% drop in its stock price in after-hours trading. Intuit is focusing on AI-driven solutions to enhance its software offerings, including TurboTax and QuickBooks. Additionally, a report about a potential government tax-filing app contributed to the stock's volatility.

via Investor's Business Daily|
#ai-technology#business#earnings
Elon Musk's DOGE Explores Launching Tax-Filing App, Impacting H&R Block and Intuit Shares
technology1 year ago

Elon Musk's DOGE Explores Launching Tax-Filing App, Impacting H&R Block and Intuit Shares

Elon Musk's Department of Government Efficiency is reportedly considering developing a free mobile app for tax filing, which has caused shares of tax service providers Intuit and H&R Block to drop. This initiative aligns with Musk and Vivek Ramaswamy's mission to reduce government spending and follows the Biden administration's introduction of a free IRS tax-filing system. The move is part of a broader effort to cut federal budget costs and challenge the dominance of private tax-filing companies.

via Business Insider|
#elon-musk#government-efficiency#intuit
Intuit and H&R Block Shares Plunge Amid Musk's Tax App Plans
business1 year ago

Intuit and H&R Block Shares Plunge Amid Musk's Tax App Plans

Shares of Intuit and H&R Block fell sharply following reports that the Trump administration is considering a mobile app for free tax filing with the IRS, potentially impacting these companies' business models. The proposal, discussed by Elon Musk's DOGE commission, is in early stages and faces significant implementation challenges. Jefferies analyst Brent Thill suggests the market reaction is an overreaction, citing the government's poor track record with user-friendly software and the complexity of Intuit's TurboTax product. Intuit's stock dropped 5.1%, while H&R Block's fell 8.2%.

via Investor's Business Daily|
#business#elon-musk#intuit
Intuit Faces Mixed Fortunes Amid TurboTax Decline and AI Growth
business2 years ago

Intuit Faces Mixed Fortunes Amid TurboTax Decline and AI Growth

Intuit Inc. shares dropped significantly after the company reported losing 1 million free TurboTax users, coinciding with the IRS introducing its own free tax filing option. Despite this, Intuit's revenue and profit exceeded expectations, driven by higher spending from remaining users and growth in its business-oriented products. The company is focusing on customers with more complex tax needs and integrating AI features, while downplaying the importance of free users.

via Fortune|
#business#intuit#irs
"Uncovering Deceptive 'Free' Tax Help: The TurboTax Controversy"
finance2 years ago

"Uncovering Deceptive 'Free' Tax Help: The TurboTax Controversy"

The FTC has issued a final order against Intuit for deceptive advertising of TurboTax as a free service, prompting inquiries about free tax help options. IRS Free File offers guidance for those with an annual gross income of $79,000 or less, while Free File Fillable Forms are available for those making more. Miltax provides free tax software and assistance to servicemembers and veterans, and the Volunteer Income Tax Assistance program aids individuals with lower incomes, disabilities, or language barriers. Additionally, some tax software providers offer free tiers for simpler returns.

via WGAL Susquehanna Valley Pa.|
#finance#free-tax-services#intuit
"FTC Cracks Down on TurboTax's Deceptive 'Free' Tax Services"
finance2 years ago

"FTC Cracks Down on TurboTax's Deceptive 'Free' Tax Services"

The FTC has found that Intuit's TurboTax is not free for everyone, prompting many to seek free tax help options. The IRS Free File and Free File Fillable Forms are available for individuals with different income levels, while Miltax provides free tax software and assistance to servicemembers and veterans. Additionally, the Volunteer Income Tax Assistance program and certain tax software providers offer free services for eligible individuals.

via WTAE Pittsburgh|
#finance#intuit#irs-free-file
"Understanding TurboTax: Navigating Free Tax Help and FTC Regulations"
finance2 years ago

"Understanding TurboTax: Navigating Free Tax Help and FTC Regulations"

The FTC has issued a final order against Intuit for deceptive advertising of TurboTax as a free service, prompting individuals to seek free tax help options. IRS Free File offers guidance for those with an annual gross income of $79,000 or less, while Free File Fillable Forms are available for those making more than $79,000. Miltax provides free tax software and assistance to servicemembers and veterans, and the Volunteer Income Tax Assistance program aids individuals with disabilities or limited English proficiency. Additionally, some tax software providers offer free tiers for simpler returns.

via WCVB Boston|
#finance#intuit#irs-free-file