Intuit shares fell in right after-several hours buying and selling Thursday right after the tax-planning application business forecast revenue would decline sharply in the third quarter due to the coronavirus pandemic.
Intuit claimed it expected revenue to drop about eight% to involving $2.ninety nine billion and $three billion, citing the adverse effects of COVID-19 on tiny enterprise buyers and the extension of the tax filing deadline to July fifteen, which will change revenue to the fourth quarter.
The enterprise had formerly guided for revenue to raise ten% to 11% to involving $three.6 billion and $three.62 billion.
Intuit’s shares dropped 2.6% to $273.53 right after it also warned investors that third-quarter revenue would arrive in reduced than it had guided for and that it was withdrawing its total-12 months outlook, reflecting “uncertainty in recent tiny enterprise trends.”
“During the initially half of the fiscal 12 months we grew whole enterprise revenue