Intuit Inc. fell the most in more than a decade after a dim forecast for annual sales and earnings coincided with a broader swoon in the market.
Intuit fell 13 percent to $89.28 at the close Friday in New York, the lowest value since February. The steepest one-day decline for the stock since March 21, 2003, left Intuit down 3.2 percent for the year, while the Standard & Poor’s 500 Index had its worst day in almost four years.
On Thursday, Intuit said earnings excluding some items should be $3.40 to $3.45 a share for the current fiscal year, while analysts anticipated $3.82 on average. Revenue will be $4.52 billion to $4.6 billion, compared with estimates of $5.04 billion.
The Mountain View, California-based company also unveiled plans to sell three units, including its well-known Quicken home-accounting software. Intuit plans to sell the businesses, which also include Demandforce and QuickBase, to shift resources toward small businesses and handling taxes in the U.S. and Canada, the company said in a statement Thursday.
The company is trying to bolster growth by focusing on its main businesses after weathering a difficult tax season for its popular software. Intuit faced challenges this year when it alienated some customers by changing the pricing of some of its widely used products and temporarily halting state-tax processing after its service was used to file a large number of fraudulent returns.
The divestitures will reduce fiscal-year revenue by $250 million and earnings per share by drop 10 cents, Intuit said.