Intuit on Tuesday reported second quarter financial results that fell beneath expectations. With tax season pushed again by the IRS, Intuit noticed its income decline year-over-year.
“Throughout fiscal 2021 the IRS started accepting and processing returns on February 12, 2021, versus January 27, 2020 within the prior 12 months,” Intuit mentioned in filing with the US Securities and Alternate Fee. “Consequently, income throughout our second quarter of fiscal 2021 was decrease in comparison with the identical quarter of fiscal 2020.”
Intuit’s Q2 non-GAAP earnings per share got here to 68 cents on income of $1.6 billion, down 7 p.c year-over-year.
Wall Road was anticipating income of $1.75 billion.
Because of the IRS’s actions, the corporate’s Client Group income declined 71 p.c to $147 million.
In a press release, CEO Sasan Goodarzi highlighted the corporate’s development in different areas.
The Small Enterprise and Self-Employed Group delivered double-digit income development, Goodarzi famous. Credit score Karma, which Intuit bought in December, introduced in income of $144 million after the acquisition was finalized.
“We proceed to see sturdy momentum and accelerating innovation throughout the corporate with our A.I.-driven skilled platform technique,” the CEO mentioned. “We’re inspired by our early outcomes this tax season, and we’re assured in our sport plan to win.”
Small Enterprise and Self-Employed Group income was up 11 p.c to $1.1 billion, whereas On-line Ecosystem income grew 22 p.c to $644 million.
For the third quarter, which ends April 30, Intuit expects income development of roughly 53 to 55 p.c.