Intuit Inc. (Nasdaq: INTU) today announced that revenue, operating income and earnings for its third fiscal quarter are expected to be lower than guidance due to the negative impact of COVID-19 on its small business customers and the extension of the IRS tax filing deadline to July 15. Intuit is also withdrawing its previously provided fiscal 2020 guidance, reflecting uncertainty in current small business trends.
“During the first half of the fiscal year we grew total company revenue 14 percent, and we saw this momentum continue into the beginning of the third quarter. However, the COVID-19 pandemic, which led to the extension of the IRS tax filing deadline and local shelter-in-place directives, negatively impacted performance beginning in mid-March,” said Sasan Goodarzi, Intuit’s chief executive officer. “Small businesses are facing a loss of income and a lack of savings to help them weather the storm.”
Intuit expects Small Business and Self-Employed Group revenue growth of approximately 10 percent in the third fiscal quarter, driven by online ecosystem revenue growth of approximately 27 percent year-over-year.
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