Intuit's Stock Drops as Its Outlook Disappoints

Core Insights - Intuit reported fiscal first-quarter results that exceeded analysts' expectations, with revenue growing 10% to $3.3 billion, although net income declined to $197 million from $241 million year-over-year [1][2] - The company's forecast for the second quarter was disappointing, projecting revenue between $3.81 billion and $3.85 billion and earnings per share (EPS) of 84 to 90 cents, both below analyst consensus [2] - Following the earnings report, Intuit's shares fell 6% in extended trading, despite being up nearly 9% for the year prior to the announcement [2] Financial Performance - First-quarter revenue was $3.3 billion, a 10% increase compared to the previous year [1] - Net income for the first quarter was $197 million, or 70 cents per share, down from $241 million, or 85 cents per share, in the same quarter last year [1] - The company maintained its full-year EPS forecast of $12.34 to $12.54 [2] Competitive Landscape - Concerns arose regarding potential competition from a free tax-filing app being considered by the Trump administration, which could impact Intuit's market position [3][4] - Discussions about the app involved Tesla CEO Elon Musk and Vivek Ramaswamy, indicating a serious consideration of this initiative [4]