Intuit Loses Customers for DIY Tax Filing to Lower-Cost Competitors
Dow Jones
12 hours ago
1821 ET - Intuit lost do-it-yourself customers for its TurboTax business to lower-cost rivals in the latest fiscal year, CEO Sasan Goodarzi says, amid changes in the market for tax-filing software. Historically, the company's DIY model optimized TurboTax revenue through raising prices and upgrading customers into higher-value offerings over time, he says. "That model worked for many years, but the market has changed," he says, noting consumers now have more low cost alternatives. "Price is now the number one reason customers leave TurboTax." Goodarzi says the company now knows what needs to change, and is working to grow its share of total IRS filers.
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