Intuit forecast revenue growth of 9% to 10% for fiscal 2027, down from 14% this year, missing Wall Street expectations. The company's stock fell about 10% in late trading and was down roughly 46% year-to-date. Chief Financial Officer Sandeep Aujla said the company is entering a reset period to reaccelerate growth, focusing on attracting new TurboTax customers with adjusted gross incomes around $50,000 through potentially free offerings. The forecast includes expected declines in its desktop business and Mailchimp performance. Intuit is scaling its AI-first initiatives, which include laying off 17% of its workforce.

For the fiscal first quarter, Intuit expects earnings per share of $1.71 to $1.75 on revenue of $4.29 billion to $4.31 billion. Analysts project earnings per share of $2.03 and revenue growth of about 12%.

The company reported a lower fourth-quarter profit of $363 million, or $1.34 a share, compared with $381 million, or $1.35 a share, a year earlier. Adjusted earnings per share were $4.03, beating analyst estimates of $3.58. Revenue rose 14% to $4.35 billion, driven by growth in QuickBooks Online and Credit Karma.

Intuit continues to focus on its "big bets" to transform into an AI-first platform while navigating challenges in its traditional desktop business.