Intuit (INTU) reported f🐎iscal first-quarter results that beat analysts expectations, but shares tumbled in e𓄧xtended trading as the company's current-quarter forecast disappointed.

The TurboTax and Credit Karma parent saw first-quarter revenue grow 10% to $3.3 billion, above the analyst consensus from Visible Alpha. Net inc𒀰ome of $197 million or 70 cents per share declined from $241 million or 85 cents pe🍒r share in the year-ago quarter, but topped analysts’ projections. 

Looking ahead, Intuit said it expects second-quarter revenue revenue of $3.81 billion to $3.85 billion, below the analyst consensus. The company projected 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of 84 cents to 90 cents, also short of the $1.50 analysts anticipated. For the full-year, the company mai♍ntained its full-year EPS forecast of $12.34 to $12.54. 

Shares of Intuit fell 6% in extended trading𓂃 following the release. They were up close to 9% for 2024 through Thursday’s close. 

𓆏 Results Come After Reports Trump Administration Could Launch🐭 Competing Free Tax-Filing App

The drop comes after Intuit's stock took a hit earlier in the week on concerns the tax prep company could face more competition following reports leaders of President-elect Donald Trump's new Department of Government Efficiency (DOGE) are considering launching a 澳洲幸运5开奖号码历史查询:free tax-filing app.

The Washington Post reported Tesla (TSLA) CEO Elon Musk and entrepreneur 澳洲幸运5开奖号码历史查询:Vivek Ramaswamy, who Trump tapped to lead the agency, have ඣdiscussed the possibility in what the report described as “highly preli♋minary” conversations. 

Such an app could compete with Intuit and H&R Block (HRB), which offer both free and paid tax-filing software.