Intuit Plunges After Loss of 1 Million Free TurboTax Users (2)

Intuit Inc. shares dropped the most in two years after the company reported losing 1 million customers who use its TurboTax service for free, stoking concerns about demand for the software.

Ten million people used TurboTax for free this year to file their taxes, a drop of about 1 million from a year ago, the Mountain View, California-based software developer said. It also lost market share with low-paying customers.

The shares fell 8.3% to $606.99 at the close Friday in New York, the biggest single-day decline since May 5, 2022. The stock has dropped 2.9% this year.

Intuit has ...