Intuit: TurboTax Federal Unit Sales Up 1%, Stock Slumps

Intuit (INTU) announced Wednesday afternoon that total TurboTax federal unit sales were up 1% for the year to date versus the same period last year. This was the second of three planned updates from Intuit on sales during the tax season. The company’s last update showed a similar increase.

For the full season, the company sees total unit growth of 3% to 5%. Intuit also reiterated previous guidance of 10% to 15% segment revenue growth.

TurboTax desktop units sold were off 2%; Web based TurboTax returns are up 4%; free returned processed up 8%; add ‘em up and you get a 1% increase. At the last update, desktop units were off 1%, Web-based returns up 4%, and free returns up 7%, adding to a 1% increase.

The Street seems disappointed with the results; the slight erosion in desktop units sold might be bothering people.

INTU 1-yr chart