Press Releases
Intuit Third Quarter Revenue Declined 8 Percent; Small Business Online Ecosystem Revenue Grew 28 Percent
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, announced financial results for the third quarter of fiscal 2020, which ended April 30.
"During the first half of the fiscal year we grew total company revenue 14 percent, and we saw this momentum continue into the beginning of the third quarter. However, the COVID-19 pandemic resulted in the IRS extending the tax filing deadline to July 15. This caused the timing of millions of tax filings to shift later in the season, resulting in total revenue declining 8 percent in the quarter," said Sasan Goodarzi, Intuit's chief executive officer. "Additionally, the shelter-in-place directives negatively impacted small businesses who are facing loss of income and cash flow to pay employees and weather the storm."
Financial Highlights
For the third quarter, Intuit reported:
- Total revenue of $3.0 billion, down 8 percent.
- Small Business and Self-Employed Group revenue up 11 percent to $1.0 billion.
- Small Business Online Ecosystem revenue grew 28 percent.
- Consumer Group revenue declined 15 percent to $1.8 billion.
Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.
Visit the investors website to learn more about 3Q FY2020 earnings.