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☆ PayPal plummets as Wall Street likens CEO's strategy to 'turning around the titanic'
▼ + stars: | 2024-02-08 | by ( Kate Rooney | ) www.cnbc.com time to read: +4 min

PayPal shares tumbled more than 10% Thursday after a disappointing forecast added to uncertainty around the payments giant. While the company posted beats on most metrics for its fourth quarter on Wednesday, PayPal guided for earnings that were well below expectations. He called 2024 a transition year and told CNBC in a phone interview that the company was staying "conservative" on guidance. 'Show me' stock PayPal's CEO faced criticism for over-promising before its Jan. 25 product event . Leading up to that, Chriss told CNBC PayPal planned to "shock the world."

Persons: Alex Chriss, FactSet, it's, Wells, Andrew Bauch, Chriss, Gordon Haskett, Don Bilson, Bilson, Bryan Keane, Michael Bloom Organizations: PayPal, Apple, CNBC, Intuit, CNBC PayPal, Bank of America, Deutsche Bank

☆ PayPal issues disappointing guidance even as fourth-quarter earnings top estimates
▼ + stars: | 2024-02-07 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

PayPal reported better-than-expected fourth-quarter results Wednesday, but issued guidance that was a bit below estimates. The number of active accounts fell 2% to 426 million, trailing analyst expectations of 427.17 million, according to StreetAccount. PayPal provided guidance for the full year and first quarter that fell just short of expectations. The company anticipates full-year earnings of $5.10 per share, below the $5.48 analysts expected, according to LSEG. For the first quarter, PayPal estimated year-over-year earnings per share growth would fall in the mid-single digits, compared with a consensus estimate of 8.7%.

Persons: Alex Chriss Organizations: PayPal, LSEG, Revenue, StreetAccount, Intuit Locations: San Jose , California

Mint is set to shut down in 2024, and some users are switching to the budgeting app Monarch Money. One of the most hyped-up Mint alternatives among Reddit users is the budgeting app Monarch Money. Find out why some Mint users are switching to Monarch Money and decide whether it's a good option for you. Monarch Money FAQsWho is the founder of Monarch Money? Monarch Money allows you to create a budget, set savings goals, track your net worth, and analyze your cash flow.

Persons: —, Karma, Val Agostino, You'll, you've, Jon Sutherland, Ozzie Osman Organizations: Service, Mint, Money, Intuit, Karma, Monarch, Plaid

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. While your credit score will suffice for some landlords, under the Fair Credit Reporting Act, landlords are also allowed to view your credit reports. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745. Though these services won't directly help you build credit, keeping track of your credit score is a crucial part of the credit building process. Apartment credit score requirements frequently asked questionsCan you rent an apartment if you do not have credit?

Persons: —, TransUnion, Kendall Meade, Jay Zigmont, Will, Jamela Adam, Read Organizations: Fair, Childfree, Forbes, . News, Mint Intuit Locations: AnnualCreditReport.com, SoFi, Chevron

PayPal will cut 9% of its global workforce, or about 2,500 jobs, CEO Alex Chriss wrote Tuesday in an internal letter to employees, which was viewed by CNBC. The cuts will affect both existing roles and job listings that PayPal had planned to hire for, and will take place over the course of the year, Chriss wrote. If your role is included in this workforce reduction, you will be notified between today and the end of the week. PayPal has significant potential to create substantial value for our employees, our customers, and shareholders. I am confident that our PayPal community will come through this period even stronger, and I am optimistic about the future we will create together.

Persons: Alex Chriss, Chriss, Alex Don't Organizations: PayPal, CNBC, Intuit, CNBC PRO

☆ Former Microsoft CEO Steve Ballmer is passionate about having toilets in his $2 billion arena
▼ + stars: | 2024-01-29 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Read previewThe new home of the Los Angeles Clippers will be outfitted with over 1,000 toilets once the arena is finished. It's all thanks to former Microsoft CEO/team owner Steve Ballmer and his obsession with toilets. Related stories"I've become a real obsessive about toilets," Ballmer said that year. "Toilets, toilets, toilets." Now thanks to his obsession, Clippers fans won't have to worry about missing precious minutes of the game searching and waiting for the bathroom.

Persons: —, Steve Ballmer, Ballmer, He's, I've Organizations: Service, Los Angeles Clippers, Business, Microsoft, Intuit, NBA, ESPN, Bloomberg, Clippers

The Direct File pilot program is rolling out in stages. The agency estimates that several hundred thousand taxpayers are eligible for the initial rollout in the 2024 tax season. Four other states that have a state income tax also are part of the pilot program — Arizona, Massachusetts, California and New York. In those four, state tax agencies will help people directly file their state taxes as well. “Direct File is one step toward getting the IRS in line with 21st century tax administration,” Olson said.

Persons: “, Danny Werfel, Nina Olson, ” Olson, Werfel, Tania Mercado, ” Robert Nassau, preparers, ” Organizations: WASHINGTON, IRS, Center for Taxpayer Rights, Organization for Economic Cooperation, Development, Republicans, Intuit, Low, Clinic, Syracuse University College of Law Locations: Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming, Arizona , Massachusetts, California, New York, Germany, Japan

☆ Federal Trade Commission bans 'deceptive advertising' for free filing from TurboTax maker Intuit
▼ + stars: | 2024-01-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As the opening of tax season approaches, the Federal Trade Commission has cracked down on "deceptive advertising" from Intuit , maker of tax filing software TurboTax. The FTC on Monday upheld a September ruling that found Intuit violated federal law by marketing free TurboTax software to filers who were not eligible, and were upgraded to deluxe and premium products, according to the opinion. The Commission's final order bans Intuit from advertising "free" services unless all filers can use the free software or the company "clearly and conspicuously" discloses eligibility. In May 2022, Intuit entered a multistate agreement to pay $141 million to lower-income Americans who wrongly paid for using the "TurboTax Free Edition" of its software. The agreement affected 4.4 million customers and the settlement began in May 2023.

Persons: Ed Mierzwinski Organizations: Federal Trade Commission, Intuit, Finance, FTC, U.S . Public Interest Research Locations: America

☆ TurboTax can't keep advertising itself as 'free' when many people have to pay, FTC rules
▼ + stars: | 2024-01-23 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

The FTC targeted Intuit ads that claimed consumers can file taxes for free using TurboTax. The FTC ruled that Intuit can't advertise free services unless all customers qualify or it clearly says who does. Intuit has previously faced hefty charges over the marketing of "free" services. AdvertisementU.S. regulators have barred TurboTax maker Intuit Inc. from advertising its services as "free" unless they are free for all customers, or if eligibility is clearly disclosed. In a 2022 settlement signed by the attorneys general of all 50 states, Intuit agreed to suspend TurboTax's "free, free, free" ad campaign and pay $141 million in restitution to nearly 4.4 million taxpayers nationwide.

Persons: Michael Chappell, Letitia James Organizations: FTC, Intuit, Intuit Inc, Federal Trade Commission, Associated Press, New York Locations: U.S, California

☆ TurboTax Can No Longer Advertise Products as Free, F.T.C. Says
▼ + stars: | 2024-01-23 | by ( Rebecca Carballo | More About Rebecca Carballo | ) www.nytimes.com time to read: +1 min

Federal regulators have ruled that Intuit, the maker of the tax-filing software TurboTax, must stop marketing its services as free, unless they are free to everyone or exceptions are clearly disclosed. TurboTax had for years claimed customers could file their taxes online for free. The Federal Trade Commission said in an opinion and final order issued on Monday that its advertising was deceptive because two-thirds of taxpayers were not eligible to file with the free product. The commission also found that the company’s attempts to disclose that not everybody qualified for free services were “ineffective and often inconspicuous.”Examples of ineligible taxpayers include those claiming mortgage and property deductions, charitable donations over $300, unemployment income, investment income, rental property income and certain education expenses. Gig workers who reported income as independent contractors, including many delivery drivers, were also ineligible.

Persons: TurboTax Organizations: Intuit, Federal Trade Commission

NEW YORK (AP) — U.S. regulators have barred TurboTax maker Intuit Inc. from advertising its services as “free” unless they are free for all customers, or if eligibility is clearly disclosed. The order also bars Intuit from “misrepresenting any material facts about its products or services,” including refund policies and price points. There was no financial penalty in the FTC's order, but Intuit has previously faced hefty charges over the marketing of “free” services. In a 2022 settlement signed by the attorneys general of all 50 states, Intuit agreed to suspend TurboTax’s “free, free, free” ad campaign and pay $141 million in restitution to nearly 4.4 million taxpayers nationwide. Those impacted were low-income consumers eligible for free, federally-supported tax services — but paid TurboTax to file their federal returns due to “predatory and deceptive marketing,” New York Attorney General Letitia James said.

Persons: Michael Chappell, TurboTax’s, Letitia James Organizations: —, Intuit Inc, Federal Trade Commission, Intuit, Associated Press, ” New York Locations: — U.S, California

☆ Direct File is the most important tech product of 2024, helping you to finally file your taxes for free
▼ + stars: | 2024-01-22 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

I'll go further and say this offering is the most important tech product of 2024. Direct FileI'm talking about Direct File , a new way for many Americans to file their taxes for free. She also questioned the value of the new Direct File service in various ways. Give Direct File a tryWhich brings us back to the new Direct File service. When I searched for "free file taxes" this weekend, the top of Google's results page was full of ads.

Persons: —, Dan Grover, ChatGPT, It's, ProPublica, Tania Mercado, Mercado, Janet Yellen, Guess Organizations: Service, Business, Apple, Forbes, IRS, Intuit, Google, Internal Revenue Service, Revenue Locations: Silicon, Arizona , California, Florida , New York, Texas, ProPublica

☆ FTC bans TurboTax from advertising ‘free’ services, calls it deceptive advertising
▼ + stars: | 2024-01-22 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —The Federal Trade Commission ruled in a final order and opinion Monday that TurboTax, the popular tax filing software, engaged in deceptive advertising and banned the company from advertising its services for free unless it is free for all customers. By running ads for “free” tax services that many customers were not qualified for, the tax filing software violated the FTC Act and deceived consumers, the agency said. The FTC had first sued Intuit, TurboTax’s owner, for its deceptive advertising in 2022. Intuit cannot advertise or market any goods or services as free unless it’s free for all customers, the FTC ordered. The FTC added if the service isn’t actually free for the majority of consumers, TurboTax could state that as well.

Persons: D, Michael Chappell, “, ”, —, Letitia James, ” CNN’s Jordan Valinsky Organizations: New, New York CNN, Federal Trade Commission, FTC, Intuit Locations: New York

☆ These Seven Tech Stocks Are Driving the Market
▼ + stars: | 2024-01-22 | by ( Karl Russell | Joe Rennison | ) www.nytimes.com time to read: +8 min

These Seven Tech Stocks Are Driving the MarketThe S&P 500 is at a new high, and investors have just a handful of stocks to thank for it. Market value of S&P 500 companies These seven companies account for 29% of the S&P 500’s market value Alphabet $1.8 tril. Amgen Linde Qualcomm Intel Pfizer These seven companies account for 29% of the S&P 500’s market value Market value of S&P 500 companies Thermo Fisher Scientific McDonald's Cisco Sys. Berkshire Hathaway UnitedHealth Costco These seven companies account for 29% of the S&P 500’s market value Market value of S&P 500 companies Thermo Fisher Scientific Abbott Labs. Indeed, based on price alone, the seven big tech stocks were not the best performing in the S&P 500.

Persons: Jan, it’s, Berkshire Hathaway Tesla, Health Eli Lilly, Johnson Procter, Netflix Walt Disney, Amgen Linde, Wells, Merck Mastercard Eli Lilly Johnson, Johnson, JPMorgan Chase, Berkshire Hathaway, Wells Fargo Walt Disney Pfizer Amgen, Phillips Goldman, Mastercard Eli Lilly Abbvie Johnson, Chase Organizations: Apple, Meta, Microsoft, Nvidia, Tesla, Berkshire, JPMorgan Chase United, Health, Broadcom Johnson, Gamble Exxon Mobil Home Depot Mastercard Costco Walmart Oracle Merck Accenture, Mobile Wells Fargo PepsiCo Comcast, Intuit, Fisher, Netflix Walt, Netflix Walt Disney Cisco Sys, Verizon Abbott Labs, Amgen, Amgen Linde Qualcomm Intel Pfizer, Cisco Sys, Abbott Labs, Accenture Netflix Linde Intel PepsiCo Oracle Walmart, Wells Fargo Walt Disney Qualcomm, Mobile Comcast Intuit, Verizon, Pfizer, Merck Mastercard, Johnson Nvidia, Visa Exxon Mobil Apple, Broadcom, JPMorgan, JPMorgan Chase Procter, Gamble, Costco, Fisher Scientific Abbott Labs, Cisco Systems Accenture PepsiCo, Netflix Linde Intel Oracle Walmart, Wells Fargo Walt Disney Pfizer, Mobile, Comcast Intuit Verizon Qualcomm Amazon, Merck Uber Tech, P Global American, Phillips Goldman Sachs IBM UPS Honeywell Boeing, Mastercard, Adobe Exxon Mobil Apple, Broadcom Chevron Home, Micro Devices, Chase Procter, Berkshire Hathaway UnitedHealth Bank of America Costco, Royal, General, Amazon, Big Tech, IBM, Exxon, General Electric, & & + + + Locations: Berkshire, Royal Caribbean

This is a type of savings account that offers a significantly higher interest rate than a traditional savings account. For customer support, Credit Karma offers both a phone line and a live chat for Credit Karma Money account holders. Credit Karma Savings Account FAQsIs Credit Karma savings a good idea? Yes, Credit Karma offers the Credit Karma Money Save Account, which is a high-yield savings account paying 4.10% APY. You can take money our of your Credit Karma savings account by transferring money to a linked external account or to your Credit Karma Money Spend Account.

Persons: It's, Karma, Ally, Synchrony, Kit Pulliam, Kit, Read Organizations: MVB Bank, CIT Bank, Savings, CIT, Better, Google, Apple, Credit Karma, Intuit, Karma, Better Business, Federal Trade Commission, FTC, Chevron, Karma Savings, Bank, Synchrony, Finance, Business, Vanderbilt University, Analysts

☆ Intuit's CMO has a plan to help the company seize a new $30 billion revenue opportunity
▼ + stars: | 2024-01-17 | by ( Ryan Joe | ) www.businessinsider.com time to read: +5 min

And providing that financial assistance, Goodarzi said during an investors conference in December, represents a $30 billion opportunity that Intuit has not claimed. But TurboTax competitor H&R Block is also reaching for this opportunity, and has gone on the offensive with its own AI-powered tax assistant, released in December. A bevy of new H&R Block ads tout the assistant, and takes a shot at TurboTax: "So long, TurboTax!" "Comparative marketing is a common practice and we've used it for many years to help consumers easily see the benefits of working with H&R Block," an H&R Block spokesperson said. "People just aren't aware, because of how strongly we grew the do-it-yourself perception within TurboTax," Balazs said.

Persons: TurboTax, Lara Balazs, there's, Sasan Goodarzi, Goodarzi, Balazs, DJ Stout, we've Organizations: Intuit, Business, Karma ., Intuit Assist Locations: TurboTax

☆ Here are 3 ways Gen Zers can build credit before renting their own place
▼ + stars: | 2024-01-15 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Fg Trade | E+ | Getty ImagesRising inventory is helping push rent prices down. Many Gen Zers are still living with their parentsWhile some older Gen Zers were able to become homeowners during the Covid-19 pandemic, most did not. Gen Z includes those born between 1996 and 2012, according to Pew Research Center's definition, and the youngest members of that cohort are still teens and tweens. Of the Gen Z adults who currently rent, 27% say they can no longer afford the cost, the firm found. In the meantime, there are ways Gen Z adults can prepare, especially those at home saving on expenses.

Persons: Gen, Daryl Fairweather, Jacob Channel, It's, Zers, Intuit Credit Karma, Melissa Lambarena Organizations: Pew Research, Intuit Credit, Finance Locations: U.S

☆ Why can’t today’s young adults leave the nest? Blame high housing costs
▼ + stars: | 2024-01-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own. Nearly one-third, or 31%, of Generation Z adults live at home with parents because they can't afford to buy or rent their own space, according to a recent report by Intuit Credit Karma that polled 1,249 people age 18 and older. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago. 1 reason families are doubling up, Pew also found, due in part to ballooning student debt and housing costs.

Persons: tweens, Courtney Alev, Pew Organizations: Intuit Credit Karma, Finance, Intuit Credit, Pew Research Center

☆ A viral theory about the one thing millionaires do differently with their money is making waves
▼ + stars: | 2024-01-09 | by ( Andrew Lloyd | ) www.businessinsider.com time to read: +4 min

On December 14, a TikToker who goes by Taylor Money posted a video with an on-screen caption that read, "Millionaires do 1 thing different." He regularly shares videos about what he describes as millionaires' approach to life and making money . This story is available exclusively to Business Insider subscribers. AdvertisementThe theory is that richer people tend to view money as a way to build even more wealth, rather than a means to a different end. They said they had little to no money after paying their basic bills, so using money to make money was only possible for those with expendable income.

Persons: —, Taylor Money, Taylor, That's, Rich, lew, ure, ideo Organizations: Service, Millionaires, Business, ust Locations: TikTok, iews

☆ 18 execs look ahead and share what they're looking forward to — and their biggest worry
▼ + stars: | 2024-01-05 | by ( Josée Rose | ) www.businessinsider.com time to read: +1 min

Business Insider spoke with 18 execs for the leadership series "Looking Ahead 2024." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLeaders and executives from 18 companies shared vision, strategy, and challenges for Business Insider's "Looking Ahead 2024." This story is available exclusively to Business Insider subscribers.

Persons: Slack, —, Gen Organizations: LinkedIn, Deloitte, PepsiCo, Nestlé, Intuit, Service, Business

☆ Intuit's Humera Shahid on 2024: I want to make work a safe place for employees going through challenging times
▼ + stars: | 2023-12-24 | by ( Josée Rose | ) www.businessinsider.com time to read: +6 min

Shahid says she wants to support employees so work can be a "safe space." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHumera Shahid is Intuit's chief diversity, equity, and inclusion officer and vice president of talent development. Work and community can actually be a really safe space where you can be yourself and you can share. I think we were like, "Oh, this is really going to be important as we talk about issues around race."

Persons: Humera Shahid, Shahid, —, I'm, COVID, it's, we've, We're Organizations: Intuit, Service, Karma, Hamas Locations: Business, Israel

Credit Karma Money is launching a feature that will allow members to access government benefits up to five days early. Credit Karma Money members may qualify for this perk if they live in the United States and are eligible for government benefits. Credit Karma will provide early access to government benefits like Social Security, VA benefits, and Supplemental Security Income. How to enroll in the new Credit Karma Money government benefits featureIf you do not have a Credit Karma Money Spend Account, you can open an account online or through the mobile app. What is Credit Karma Money?

Persons: Karma Organizations: Intuit Credit Karma, Karma, Social Security, Discover, Karma Money, Banking, MVB Bank, FDIC Locations: United States

☆ Americans are doom saving, too
▼ + stars: | 2023-12-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

While some are "doom spending" — mindlessly spending money — others are looking for ways to save. <ore than a quarter of Americans say they're turning to the financial equivalent — doom spending — to quell their concerns. If the antidote to "doomscrolling" is putting down the phone, then the opposite of "doom spending" might well be putting down the credit card in favor of "doom saving." AdvertisementAnd while the Intuit report that coined the "doom spending" neologism noted that a troubling 22% of Americans have no savings at all. AdvertisementSpending on discounts and deals is, of course, not saving — it's still spending — but the mindset of "doom saving" is about responding to uncertainty by trying to conserve a finite resource.

Persons: —, Jamie Dimon, we've, Brian Cornell, Doug McMillon, — it's, they'd Organizations: Service, Intuit, Walmart, Target

☆ Shoppers are worried about the economy so they're 'doom spending' to make themselves feel better
▼ + stars: | 2023-11-30 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

'Doom spending' is the idea of spending money to cope with stress about the economy or foreign affairs. More than a quarter of Americans are "doom spending," according to a report from Intuit Credit Karma. Strong consumer spending has helped prop up the economy in the past several months. The rise of mobile shopping has also made doom spending almost as easy as doomscrolling. AdvertisementThe phenomenon is most prevalent among younger generations, with 35% of Gen Zers, and 43% of millennials admitting to doom spending.

Persons: —, Courtney Alev, Gen Zers Organizations: Intuit Credit Karma, Service, Credit Karma

☆ Americans are 'doom spending' — here's why that's a problem
▼ + stars: | 2023-11-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Consumer spending has remained remarkably resilient in the face of some stiff economic headwinds. Nearly all Americans, 96%, are concerned about the current state of the economy, according to a recent report by Intuit Credit Karma. Still, more than a quarter are "doom spending," or spending money despite economic and geopolitical concerns, the report found. This season, holiday spending is expected to reach record levels, totaling up to $966.6 billion, the NRF projects. Rather than cut expenses, 73% of Gen Zers say they would rather live in the moment, a recent Prosperity Index study by Intuit found.

Persons: Courtney Alev, Gen Zers Organizations: Nike, Woodbury, Intuit Credit Karma, National Retail Federation, Finance, Intuit, Bank of America Locations: Central Valley , New York, U.S

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