Intuit today released the second and final update for its fiscal year 2018 consumer tax offerings. Season-to-date through April 21, total TurboTax Online units increased 6 percent, and total TurboTax units rose 4 percent versus the comparable prior-year period.
With these tax season results, Intuit now expects full-year fiscal 2018 Consumer Group revenue growth of 12 to 13 percent, exceeding the high end of the previous guidance range of 7 to 9 percent.
“We executed well this season, and are excited that we are already seeing some of our investments pay off by accelerating our top line growth,” said Michelle Clatterbuck, Intuit’s chief financial officer. “As we’ve shared, this has been a year of increased investments in key areas including artificial intelligence and machine learning capabilities, Amazon Web Services migration, streamlined software development, and enhanced brand and marketing effectiveness.”
Tax Unit Results
“We delivered a strong tax season, growing the do-it-yourself software category and simultaneously gaining share,” said Dan Wernikoff, executive vice president and general manager of Intuit’s Consumer Group. “Throughout the season, we executed across our portfolio of tax preparation offerings, delivering confidence to our customers that TurboTax has a solution to meet their needs regardless of the ease or complexity of their taxes.”
Season-to-date TurboTax Federal Unit Data
April 21, 2018
April 22, 2017
|Sub-total TurboTax Units||34,844,000||33,408,000||4%|
|TurboTax Free File Alliance||1,169,000||1,206,000||-3%|
“TurboTax Live delivered a great new experience in its debut season, expanding the TurboTax brand to address the needs of filers seeking the complete confidence of having a tax pro by their side. We successfully implemented technology to deliver a virtual assisted tax preparation experience while operationalizing nearly 2,000 certified tax pros. With what we learned in our first year, we are confident in long-term opportunities that TurboTax Live presents to grow our dollar share of the tax preparation market,” said Wernikoff.
The company is scheduled to report third quarter fiscal 2018 results on May 22.