Investing.com - Intuit (NASDAQ:INTU) reported on Thursday third-quarter earnings that missed analysts' forecasts and revenue that fell short of expectations as the impact from the Covid-19 pandemic weighed on growth.
Intuit announced earnings per share of $4.49 on revenue of $3.00 billion. Analysts polled by Investing.com anticipated EPS of $4.78 on revenue of $3.08 billion. That with compared with EPS of $5.55 on revenue of $3.27 billion in the same period a year before. Intuit had reported EPS of $1.16 on revenue of $1.7 billion in the previous quarter. Analysts are expecting EPS of $0.9 and revenue of $1.47B in the upcoming quarter.
"(T)he Covid-19 pandemic resulted in the IRS extending the tax filing deadline to July 15. This caused the timing of millions of tax filings to shift later in the season, resulting in total revenue declining 8 percent in the quarter," said Sasan Goodarzi, Intuit’s chief executive officer. "Additionally, the shelter-in-place directives negatively impacted small businesses who are facing loss of income and cash flow to pay employees and weather the storm."
Small business and self-employed group revenue was up 11% to $1.0 billion, small business online ecosystem revenue grew 28% and consumer group revenue declined 15% to $1.8 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar