H&R Block Falls Most Ever as Simpler Tax Code Weakens Forecast
- Tax adviser plans to change pricing since code less complex
- Shares dropped as much as 21% following Tuesday earnings call
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Not all corporations are happy about President Donald Trump’s tax overhaul: H&R Block Inc. shares plunged after an earnings call revealed that one of the main provisions in the law could limit how much the tax adviser charges customers.
H&R Block dropped as much as 21 percent on Wednesday -- the most ever -- after its sales forecast disappointed. Management said it expects 2019 revenue of $3.05 billion to $3.1 billion. The average analyst estimate for the period was $3.14 billion.