Intuit Inc. (INTU) said it sold more units of its do-it-yourself
TurboTax software during the recently ended tax season, helping the
tax software company boost its outlook for consumer tax revenue for
the year.
Intuit on Friday said total TurboTax units sold rose 10% through
April 16 from the prior-year period, helped by a 14% gain for the
online version of TurboTax. The company sold fewer units of its
TurboTax software for desktop computers, however, posting a 1.7%
decline for the category.
Still, the jump in units sold for the online version helped the
company gain roughly two points of market share in the online
software category this tax season, said Intuit.
As such, the company said it now expects full-year consumer tax
revenue growth of about 6%, above Intuit's prior guidance for
growth of 4% to 5%, and reiterated total revenue growth guidance of
6% to 8%.
As of April 18, total self-prepared e-files received by the
Internal Revenue Service were up more than 6%, said the company,
adding that on a comparable basis, TurboTax accepted e-files were
up 9%.
Last year, Intuit sold its financial-services division and its
health division to focus on the company's core tax operations.
The company in February reported that it swung to a fiscal
second-quarter loss amid a drop in revenue tied to a late start to
the tax season. Intuit has said the late start to tax season will
shift tax revenue and per-share earnings to the third quarter.
Shares rose 2.6% to $76.08 in recent trading. The stock has
risen 34% in the last 12 months.
Write to Anna Prior at anna.prior@wsj.com
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