Intuit should recoup most of that in the current quarter. But for the moment it dented the financial results for the for the most recently ended period.
Revenue for the Strategic Partner group, the professional tax business, fell to $193 million from $235 for last year’s corresponding period. Consumer tax revenue fell to $1.83 billion, a decline of 15 percent from $2.15 billion.
The result was net income fell to $1.1 billion for the most recently ended period, down 21.3 percent from $1.38 billion a year ago. Revenue reached slight. More than $3 billion, down 8.5 percent from $3.227 billion.
Revenue for the Small Business and Self-Employed group rose to $982 million, an increase of 10.7 percent from last year’s $887 million. However, that segment was not immune as the payroll business suffered after mid-March. During the first half of the quarter, payroll was up 30 percent but it was flat for the second half and while the number of workers paid through Intuit systems was up 20 percent in the first half, it was down 10 percent in the second.