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Intuit Stock Slumps After Warning TurboTax Could Lose 1 Million Free Users
INTUIntuit(INTU) investopedia.com·2024-05-25 01:15

Key Takeaways Shares of Intuit (INTU) dropped close to 8% in intraday trading Friday as the provider of financial and other software warned it will lose 1 million customers who use the free version of its TurboTax tax filing program. Intuit said that it expects those who pay nothing to use TurboTax will decline to over 10 million users in fiscal 2024, down from over 11 million in fiscal 2023. It projects total TurboTax units falling 1% because of "share loss with pay-nothing and lower average revenue per re ...