TurboTax maker Intuit lowers revenue guidance for the year

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Shares of Intuit Inc. INTU, -1.54% fell 2% in the extended session Tuesday after the maker of tax-preparing software TurboTax and other business and personal-finance products beat Wall Street expectations for its fiscal first quarter but lowered its fiscal 2023 revenue guidance, saying it remained worried about its Credit Karma personal-finance brand. Intuit said it earned $40 million, or 14 cents a share, in the quarter, compared with $228 million, or 82 cents a share, in the year-ago period. Adjusted for one-time items, Intuit earned $1.66 a share. Revenue rose 29% to $2.6 billion. Analysts polled by FactSet expected adjusted earnings of $1.19 a share on revenue of $2.5 billion. “While we are pleased with first-quarter results, we shared earlier this month that Credit Karma experienced continuing deterioration across all verticals in the last few weeks of the first quarter,” Chief Financial Officer Michelle Clatterbuck said in a statement. Intuit guided for fiscal 2023 revenue between $14.035 billion and $14.250 billion, representing growth of about 10% to 12%, down from a previous guidance of growth of about 14% to 16%. The analysts surveyed by FactSet expect revenue around $14.5 billion. Shares of Intuit ended the regular trading day down 1.5%.

This article was originally published by Marketwatch.com. Read the original article here.

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