Intuit saw uptick in TurboTax sales during tax season

Intuit reported a 6 percent increase in sales of its TurboTax Online consumer tax prep software, and a 4 percent increase in total TurboTax units sold during tax season this year, compared to last year.

TurboTax Online purchases exceeded 29.8 million units, up from 28.1 million last year. However, the desktop software sales declined 5 percent, from nearly 5.3 million to over 5 million units. Sales of the Free File Alliance version also fell 3 percent from 1.2 million to 1.169 million units. Overall, though, total sales went from 34.6 million to over 36 million.

Intuit said Wednesday it now expects revenue growth of 12 to 13 percent for fiscal year 2018 in its Consumer Group, exceeding its previous guidance range of 7 to 9 percent.

“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, in a statement. “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.”

The company introduced a TurboTax Live service this year to deliver a virtual assisted tax preparation experience to consumers with the help of 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.

Intuit plans to report its third-quarter fiscal 2018 results on May 22.

The TurboTax app
The Intuit Inc. TurboTax application is displayed on an Apple Inc. iPhone 6s in this arranged photograph taken in New York, U.S., on Feb. 15, 2016. The IRS began accepting 2015 individual income tax returns today and taxpayers have until Monday, April 18 to file their 2015 tax returns and pay any tax. Photographer: Michael Nagle/Bloomberg

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