Intuit this week reported net income of $1.1 million in the most recently ended period, down 21.5 percent from $1.1 million. Revenue fell to slightly more than $3 billion, a decline of 8.3 percent from $3.27 billion in last year’s corresponding period. Consumer tax revenue fell to $1.83 billion, a decline of 15 percent from $2.15 billion. Tax software companies expect much of the last revenue will shift to the next quarter. Revenue for the Small Business and Self-Employed group rose to $982 million, an increase of 10.7 percent from last year’s $887 million. However, that segment was not immune as the payroll business suffered after mid-March. During the first half of the quarter, payroll was up 30 percent but it was flat for the second half and while the number of workers paid through Intuit systems was up 20 percent in the first half, it was down 10 percent in the second.Last modified on Friday, 22 May 2020
TAX FILING DELAY COSTS INTUIT Featured
The extension of the tax filing season from April 15 to July 15 produced 15-percent drop in Intuit’s consumer tax revenue for the third quarter ended April 30. That countered growth in its small business operations such as QuickBooks to cut into the bottom line and produced an 8.3-percent drop in revenue.