Intuit lowers Q3 guidance, raises FY 2021 outlook

Revenue and operating income in Q3 were lower than expected due to the extension of the IRS tax filing deadline, Intuit said.

Intuit on Wednesday said it is lowering its guidance for third quarter revenue. Sales and operating income in the quarter were lower than expected, the financial software maker said, due to the extension of the IRS tax filing deadline to May 17. 

However, the company said it is raising its full year fiscal 2021 outlook for total revenue, GAAP and Non-GAAP operating income, and GAAP and Non-GAAP earnings per share.

Intuit will report its Q3 results on May 25. 

"The velocity of our innovation is accelerating, delivering benefits for our customers and growth across the company," CEO Sasan Goodarzi said in a statement. "We're proud of the progress we've made and expect to exceed the top end of our guidance for the full year." 

For Q3, the company expects to report revenue of $4.165 billion to $4.170 billion, down from the prior guidance range of $4.605 billion to $4.655 billion. It expects non-GAAP diluted earnings per share of $6.00 to $6.05, down from the prior range of $6.75 to $6.85.

Intuit said it will update full fiscal 2021 guidance on its Q3 earnings call. 

In February, the company reported Q2 results that fell below expectations due to the delayed tax season.