Intuit's annual forecast falls short of estimates as it prioritizes customer growth

Aug. 25 (Reuters) - Intuit forecast annual revenue below Wall Street expectations on Tuesday, as the TurboTax maker said its push for customer growth and market-share gains would weigh on near-term sales.

Shares of the California-based company, which have fallen more than 44% so far this year, were down 13% in extended trading.

The enterprise software provider projected fiscal 2027 revenue of $23.28 billion to $23.51 billion, representing growth of 9% to 10%, below analysts' estimate of $23.72 billion, according to data compiled by LSEG.

It also implies a slowdown from Intuit's 14% revenue growth in fiscal 2026.

Intuit attributed the revenue deceleration to weaker marketing platform sales, a continued decline in its desktop products and lower average revenue per TurboTax customer following changes designed to attract more users.

"Looking ahead, we're focused on scaling our Big Bets, accelerating customer growth, and making deliberate choices to create a stronger foundation for durable long-term growth," CEO Sasan Goodarzi said.

Software stocks have been pressured in recent months by fears that general-purpose AI tools could replace features offered by specialized providers.

Intuit forecast TurboTax revenue growth of 2% to 3% in fiscal 2027, compared with 7% growth in 2026.

It expects revenue at Mailchimp, its marketing platform, to be flat to down 1% in 2027. The company said it will begin reporting it as a separate segment in the first quarter.