Reported 5 months ago
Intuit's stock fell after the company reported better-than-expected fiscal third-quarter results but issued a weak fourth-quarter earnings outlook, expecting adjusted EPS of $1.80 to $1.85 compared to an estimate of $1.93. Additionally, Intuit disclosed a drop of about one million free users in its TurboTax unit, raising concerns about increased competition. The company raised its full-year revenue forecast but fell short of street expectations, leading to a 6% loss in the stock price. Analysts noted an executive change in the Credit Karma business and the impact of losing lower-paying and free customers on investor sentiment.
Source: YAHOO