Intuit Shares Drop 13% After Weak Fiscal 2027 Forecast

Intuit shares fell 13% in extended trading after the company issued fiscal 2027 annual revenue and earnings forecasts that fell short of analyst expectations. The company projected annual revenue between $23.28 billion and $23.51 billion, missing the $23.72 billion estimate from Wall Street. Adjusted earnings per share are expected to range from $22.88 to $23.12, significantly lower than the $27.32 analysts anticipated.

Management attributed the projected deceleration to weaker sales from the Mailchimp marketing platform and a decline in desktop products. TurboTax revenue growth is expected to slow to 2% to 3% in fiscal 2027, compared to 7% in 2026, while Mailchimp revenue is projected to remain flat or decrease by 1%. The company noted that lower average revenue per TurboTax customer resulted from strategies intended to increase market share.

CEO Sasan Goodarzi stated the company is focused on scaling its big bets and making deliberate choices to create a foundation for durable long-term growth. The stock's decline follows a year-to-date drop of more than 44%.