CEO Sasan Goodarzi said during the recent webcast for earnings for the third quarter ended April 30, the company expects a 1 percent drop in TurboTax Online customers and a drop in the number of customers that pay Intuit nothing to more than 11 million, down from 13 million a year ago.
The. result was TurboTax revenue will about $200 million lower than the company’s original expectations.
The number of IRS returns fell by 2 percent with drop in the DIY category, “The company believes this was driven by taxpayers who filed in order to receive pandemic-era stimulus and tax credits during the past several years but did not file taxes this season,” Goodarzi said.
Intuit expects total TurboTax units to drop by 5 percent with thethe number of TurboTax Online units dropping by 1 percent.
However, the average revenue per run is expected to rise by 12 percent year-over-year while Intuit anticipates TurboTax Live revenue to grow by 19 percent and number of customers will rise by roughly 13 percent.