They have also cut their revenue forecasts by 3 percent to $3.26 billion, according to Reuters Estimates. That is down 8 percent from the $500 million they were expecting two months ago.
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Luria said that was partly due to Intuit’s move to offer the five free electronic filings as well as its decision to raise retail prices in the middle of a deep economic recession.Īnalysts on average now expect Intuit to post net income of $460 million in its fiscal year ending in July 2009. Analysts say TaxCut sales account for only a small percentage of that business. digital tax solutions unit, where revenue dropped 4 percent in the year ended April 30 to $4.2 billion. Kansas City, Missouri-based Block accounts for its sales as part of its U.S. Neither company breaks out sales of those specific products in its financial results, but Intuit’s sales of TurboTax and related consumer tax products including Web-based software rose 14 percent last year to $929 million. TurboTax held 79 percent of the retail unit market share for personal computer software in last year’s tax season, while TaxCut claimed 21 percent, NPD data shows. “H&R Block has a good opportunity to pick up unit share this tax season,” said Michael Redmond, an analyst with NPD Group, a marketing consulting firm in Port Washington, New York, which tracks retail software sales.
2 in the tax software market, has kept the price of its comparable product, TaxCut, steady at $45, giving consumers a lower-priced alternative. H&R Block, the biggest tax preparer in the United States and No.
Intuit raised the cost of its top-selling tax software, TurboTax Deluxe, by $15 to $60 this tax season, even as Americans are cutting back on spending in the face of the deepening recession and widening job cuts. A pedestrian walks past an H&R Block office in Chicago in this Apfile photo.