Intuit Warns of Revenue Hit From Virus Crisis

Truman Slate

Intuit shares fell in following-several hours buying and selling Thursday following the tax-preparation software business forecast earnings would decline sharply in the third quarter due to the coronavirus pandemic.

Intuit explained it expected earnings to drop approximately 8% to among $2.99 billion and $3 billion, citing the negative impression of COVID-19 on small small business clients and the extension of the tax submitting deadline to July 15, which will change earnings to the fourth quarter.

The firm had beforehand guided for earnings to boost 10% to eleven% to among $3.6 billion and $3.sixty two billion.

Intuit’s shares dropped 2.6% to $273.53 following it also warned traders that third-quarter profit would arrive in reduced than it had guided for and that it was withdrawing its entire-12 months outlook, reflecting “uncertainty in current small small business traits.”

“During the 1st 50 % of the fiscal 12 months we grew total firm earnings

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