- Intuit (NASDAQ:INTU) says Q2 revenue and operating income was lower than expected due to the IRS accepting tax filings six days later than last year.
- Intuit expects tax revenue to shift to Q3.
- Updated Q2 guidance: Revenue, $1.16B to $1.17B (was: $1.16M to $1.18M; consensus: $1.15B); EPS, $0.34 to $0.35 (was: $0.31 to $0.34; consensus: $0.31); non-GAAP operating income, $115M to $120M (was: $130M to $140M).
- FY18 guidance (mostly reaffirmed): Revenue, $5.64B to $5.74B (consensus: $5.71B); non-GAAP operating income, $1.89B to $1.94B; QuickBooks Online subscribers, 3.28M to 3.38M; EPS, $5.30 to $5.40 (was: $4.90 to $5; consensus: $5.16).
- Tax reform impact: Intuit expects a statutory federal rate of 26.9% for FY18 with the company fully benefitting from the change in FY19.
- Intuit reports Q2 results on February 22.
- Intuit shares are down 0.9% premarket.