CLAIM #32563 · Intuit Inc (INTU) · 2023Q3 earnings call · May 23, 2023

“We continue to anticipate Consumer Group revenue growth of 8% to 12% long-term.”

Michelle Clatterbuck · CFO

How to check this claim

Look at: Consumer Group revenue growth rate, annual (fiscal year over fiscal year)

It came true if: Consumer Group revenue growth between 8% and 12% for fiscal year

Where: company-disclosed segment revenue (10-K / earnings release, Consumer Group segment)

Knowable after: 2026-07-31

In context

“gory share equates to an approximate $200 million negative impact to revenue for the Consumer Group versus our original expectations. As a result of this expected decline in IRS returns, we anticipate total customers to decline 5% this year. We expect TurboTax Online paying customers to decline 1% this year, and a total of over 11 million customers who pay us nothing, down from 13 million last year. We now expect full year Consumer Group revenue growth of 5% to 6% versus our prior guidance of 9% to 10%, reflecting the expected declines in IRS returns and DIY category share I mentioned earlier. Looking back over the last four years, including our updated guidance for this fiscal year, we expect our revenue to have grown over 10% on average annually, in-line with our long-term expectations. We continue to anticipate Consumer Group revenue growth of 8% to 12% long-term. Turning to the ProTax Group, revenue declined 5% in Q3. For the full year, we now expect ProTax revenue growth of 2% to 3%. In the Small Business and Self-Employed Group, revenue grew 21% during the quarter, and online ecosystem revenue grew 23%. With the goal of being the source of truth for small businesses, our strategic focus within the Small Business and Self-Employed Group is three-fold: grow the core, connect the ecosystem, and expand globally. First, we continue to focus on growing the core. QuickBooks Online accounting revenue grew 25% in Q3, driven mainly by customer growth, higher effective prices, and mix-shift. Second, we continue to focus on connecting the ecosystem. Online services revenue, which includes Mailchimp, payroll, payments, capital and time tracking, grew 21% in”

Verify independently

SEC filings for INTU ↗ · Quote is verbatim from the 2023Q3 earnings call.