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'TurboTax' maker slashes its earnings guidance on 'slow start' to tax season

TAX SEASON
Michael Nagle | Bloomberg | Getty Images

Intuit, the company that sells tax preparation software TurboTax, on Wednesday slashed its fiscal second-quarter earnings forecast.

It said it now expects adjusted earnings per share to range between 24 cents and 25 cents, down from a range of 33 cents to 36 cents, noting "the tax season [is] forming more slowly than usual."

"Data points to the tax category forming slowly for all prep methods," Dan Wernikoff, general manager of Intuit's TurboTax business, said in a statement. Wernikoff added the company expects a "strong finish" to the tax season. "One thing we know about the tax business is that everyone needs to file by April 18."

Intuit also lowered its revenue guidance to a range of $1.01 billion to $1.015 billion from $1.045 billion to $1.065 billion. The company's stock was briefly halted in the premarket and was about half a percent lower late morning Wednesday.

That said, Intuit shares have gained 28 percent over the past year.

Intuit stock 1-year chart

Source: FactSet