Intuit ($INTU) Reported Q3 Financial Reports Shares Down 7.87%

Intuit, the maker of tax filing software TurboTax, reported a rise in third-quarter revenue and raised its annual forecasts due to demand for its AI-powered financial products during a robust tax season. The company's tax-preparation software, personal finance portal Credit Karma, and accounting software QuickBooks are in high demand from small businesses and individuals for managing their finances.

Intuit (INTU) also offers AI-powered Intuit Assist, which helps small businesses and customers make financial decisions with personalized recommendations. The company now expects annual revenue between $16.16 billion and $16.20 billion, compared with its prior range of $15.89 billion to $16.11 billion. The mid-point of its updated annual revenue outlook was above analysts' average estimate of $16.05 billion.

Intuit (INTU) forecasted revenue between $3.06 billion and $3.10 billion for the fourth quarter, compared with estimates of $3.04 billion. In the third quarter, revenue at its consumer group grew 9% to $3.7 billion, while revenue at its small business and self-employed group rose 18% to $2.4 billion.