During the company’s recent earnings webcast for the third quarter April 30, CEO Sasan Goodarzi noted in the reporting period, “we strategically prioritized focusing on the assisted tax segment and higher-value customers over the pay-nothing and lower ARPR segment.” The company did not specify the dollar amounts that define those segements.
In addition, CFO Sandeep Aujla said Intuit is yielding share with the pay-nothing and lower-paying filers. For fiscal 2024, “we expect our share of total consumer returns to decline approximately 80 basis points this year,” Aujla said.
The company expects a 12-percent increase in TurboTax Live customer for the year, with a 2-percent rise in online paying unit. Intuit anticipates TurboTax Live revenue will be $1.4 billion for the year, 17-percent increase.
Consumer Group revenue—the TurboTax business—reported $3.65 billion in revenue,, an increase of 9 percent from $3.34 billion in last year’s corresponding quarter.
On the professional side, revenue for the ProTax Group rose to $254 million for the most recently ended quarter, up 3 percent from $246 million a year ago. Intuit expects revenue from this sector to increase by 6 percent to 7 percent for the year.
Total revenue for the third quarter was $6.74 billion, rising from $6.02 billion in last year’s corresponding period. Third-quarter net income was $2.39 billion, an increase of 14.5 percent from $2.09 billion a year earlier.
