{"id":745121,"date":"2026-08-26T06:30:36","date_gmt":"2026-08-26T03:30:36","guid":{"rendered":"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/"},"modified":"2026-08-26T06:30:36","modified_gmt":"2026-08-26T03:30:36","slug":"intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/","title":{"rendered":"Intuit is separating Mailchimp out and guiding it to zero growth"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6aede2c1b623d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6aede2c1b623d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#The_rest_of_the_company_grew_14\" >The rest of the company grew 14%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#Every_growth_figure_comes_with_a_Mailchimp_exception\" >Every growth figure comes with a Mailchimp exception<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#A_293mn_charge_the_release_never_explains\" >A $293mn charge the release never explains<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#The_Big_Bets_number_rests_on_nothing\" >The Big Bets number rests on nothing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#TurboTax_sold_fewer_returns_and_charged_more\" >TurboTax sold fewer returns and charged more<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#The_goalposts_move_on_1_August\" >The goalposts move on 1 August<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#Where_this_lands_in_Europe\" >Where this lands in Europe<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/intuit-is-separating-mailchimp-out-and-guiding-it-to-zero-growth\/#What_to_watch_next\" >What to watch next<\/a><\/li><\/ul><\/nav><\/div>\n<p><img decoding=\"async\" src=\"https:\/\/media.thenextweb.com\/2026\/08\/intuit-office-exterior.avif\" \/><\/p>\n<div id=\"article-main-content\">\n<p>Intuit is moving Mailchimp out of its main business and into a segment of its own. The first standalone forecast it has ever published for the marketing tool is for no growth at all.<\/p>\n<p>Mailchimp will bring in $1,256mn to $1,266mn in fiscal 2027, Intuit said on Tuesday. That range runs from minus 1% to zero.<\/p>\n<p>The company set out the change in its <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20260825805841\/en\/Intuit-Reports-Fourth-Quarter-and-Full-Year-Fiscal-2026-Results-Sets-Fiscal-2027-Guidance\/\" target=\"_blank\" rel=\"nofollow noopener\">fourth quarter results<\/a>. From 1 August 2026 it began running Mailchimp as a separate operating segment. It becomes a separate reportable segment in fiscal 2027, and Intuit points readers to its <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/investors.intuit.com\/financial-information\" target=\"_blank\" rel=\"nofollow noopener\">investor fact sheet<\/a> for the detail.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_rest_of_the_company_grew_14\"><\/span>The rest of the company grew 14%<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Intuit took $21.4bn in revenue over the year to 31 July, up 14%. GAAP operating income rose 20% to $5.9bn.<\/p>\n<p>Chairman and chief executive Sasan Goodarzi led on the milestone. \u201cWe surpassed $20 billion in revenue for the full year with growth fueled by our Big Bets which collectively grew 34 percent and represented 30 percent of full-year revenue,\u201d he said.<\/p>\n<p>Guidance for the coming year is softer. Intuit expects $23,279mn to $23,512mn, which is growth of 9% to 10%.<\/p>\n<p>One number in the tables ran the other way. Fourth quarter GAAP earnings per share came in at $1.34, against $1.35 a year earlier, and GAAP net income fell to $363mn from $381mn.<\/p>\n<p>The subhead advertises revenue growth of 14% in the quarter. It does not mention the earnings line.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Every_growth_figure_comes_with_a_Mailchimp_exception\"><\/span>Every growth figure comes with a Mailchimp exception<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Read the segment lines and a pattern <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears. Intuit quotes almost every number twice, once as reported and once without Mailchimp.<\/p>\n<p>Global Business Solutions revenue rose 16% to $12.9bn. Excluding Mailchimp it rose 18%. Online Ecosystem revenue rose 19% to $9.9bn, or 23% excluding Mailchimp.<\/p>\n<p>The widest gap is in Online Services, which grew 16% as reported and 24% without Mailchimp. That is eight percentage points of growth sitting in one product.<\/p>\n<p>Intuit publishes no standalone Mailchimp revenue for fiscal 2026 anywhere in the release. The only hard number it gives is the one in next year\u2019s forecast.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_293mn_charge_the_release_never_explains\"><\/span>A $293mn charge the release never explains<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Intuit booked $293mn of restructuring costs in the fourth quarter. It booked $15mn across the whole of the previous year.<\/p>\n<p>The entire charge landed in one quarter. The first three quarters of fiscal 2026 each recorded nothing.<\/p>\n<p>No paragraph of the release announces it. The figure appears in the financial tables, and then in a risk factor that refers to \u201cour restructuring plan (Plan)\u201d and warns that the estimate is preliminary and subject to change.<\/p>\n<p>Intuit gives no headcount, no geography, no savings target and no description of what the plan involves. Goodarzi\u2019s quote says the company is \u201cmaking deliberate choices to create a stronger foundation for durable long-term growth\u201d.<\/p>\n<p>That silence is now standard. Zillow, which calls itself AI-native, cut 500 jobs without saying whether AI was the reason. Salesforce cut 133 more and did not mention AI in the filings either. Employers across the sector are also quietly rehiring the people AI replaced.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Big_Bets_number_rests_on_nothing\"><\/span>The Big Bets number rests on nothing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Goodarzi\u2019s 34% claim is the spine of the release. It is also unsupported.<\/p>\n<p>Intuit never names its Big Bets. It never lists them, never itemises them, and never reconciles the 34% to any line in the accounts. No table carries the figure and no footnote explains it.<\/p>\n<p>30% of $21.4bn implies roughly $6.4bn of revenue. Intuit does not state that either.<\/p>\n<p>The detail may arrive at its investor day on 17 September. Until then the headline number in the results has no working shown behind it.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"TurboTax_sold_fewer_returns_and_charged_more\"><\/span>TurboTax sold fewer returns and charged more<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>TurboTax revenue rose 7% to $5.3bn. Unit volumes fell.<\/p>\n<p>TurboTax handled 39 million US federal returns, down from 39.9 million. Desktop units dropped 7%.<\/p>\n<p>The growth came from price and mix. TurboTax Live revenue rose 37% and now accounts for 53% of all TurboTax revenue, a majority for the first time.<\/p>\n<p>Credit Karma was the strongest named business, up 20% to $2.6bn on personal loans, car insurance and credit cards.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_goalposts_move_on_1_August\"><\/span>The goalposts move on 1 August<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Intuit is also changing how it reports. From 1 August it stops excluding share-based compensation from its non-GAAP figures.<\/p>\n<p>That matters for anyone comparing years. Share-based pay came to $2,056mn in fiscal 2026, and next year\u2019s guidance absorbs $2,020mn of it, worth $5.81 a share.<\/p>\n<p>So non-GAAP earnings per share guidance of $22.88 to $23.12 sits below the $24.27 Intuit reported this year, while the release still describes it as growth of 23% to 24% against a restated base.<\/p>\n<p>The move itself is unusually shareholder-friendly. Most companies keep the add-back.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Where_this_lands_in_Europe\"><\/span>Where this lands in Europe<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mailchimp is one of the tools European small businesses reach for first, alongside Klaviyo and HubSpot, which reversed an AI feature after a customer revolt in July. A supplier guiding its own product to zero growth is a signal to anyone who has built a mailing list on it.<\/p>\n<p>The competitive picture explains part of it. Salesforce paid $3.6bn for Fin, the Intercom-born support-AI firm, and generative tools now write the emails Mailchimp was bought to help send.<\/p>\n<p>Intuit\u2019s own international line grew 10% on a constant currency basis, against 14% for the group. Europe is not where its growth is.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_watch_next\"><\/span>What to watch next<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first thing is the September investor day, where the Big Bets should acquire definitions and numbers.<\/p>\n<p>The second is the restructuring plan. Intuit has told investors the charge is preliminary, which means a further figure is coming, and a further figure will be harder to publish without explaining it.<\/p>\n<p>The third is the first clean Mailchimp quarter. From fiscal 2027 the product reports on its own, and a business Intuit bought to sit at the centre of small-business marketing will have nowhere to hide its growth rate.<\/p>\n<p>Intuit spent $5.5bn buying back its own shares this year, up 96%, and raised its dividend 15%. That is a company returning cash rather than finding places to put it.<\/p>\n<\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" target=\"_blank\" >Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/intuit-mailchimp-separate-segment-zero-growth-guidance\" target=\"_blank\" >Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intuit is moving Mailchimp out of its main business and into a segment of its own. The first standalone forecast it has ever published for the marketing tool is for no growth at all. Mailchimp will bring in $1,256mn to $1,266mn in fiscal 2027, Intuit said on Tuesday. That range runs from minus 1% to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-745121","post","type-post","status-publish","format-standard","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/745121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=745121"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/745121\/revisions"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=745121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=745121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=745121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}