Shares of Intuit (INTU) are in focus in morning trading after the tax preparation software company, whose products include TurboTax, warned that revenue and operating income for its second fiscal quarter would be lower than expected due to the later opening of the tax season.

UPDATED GUIDANCE: Intuit this morning cut its Q2 revenue outlook to $1.16B-$1.165B from $1.16B-$1.18B due to the revenue shift and the impact of the Tax Cuts and Jobs Act. Prior to the report, analysts were expecting revenue of $1.15B. Intuit also cut its adjusted operating income view for the quarter to $115M-$120M from $130M-$140M. The company raised its Q2 adjusted earnings per share view to 34c-35c from 31c-34c, but reduced its GAAP loss per share view to (8c)-(9c) from EPS of 8c-11c. The new view includes a tax charge of $39M related to the remeasurement of the company’s net deferred tax assets at the enacted lower tax rates. Analysts expect EPS of 31c. Intuit affirmed its fiscal 2018 revenue outlook for the company and its business segments, calling for revenue of $5.64B-$5.74B, or growth of 9%-11%, against analysts’ estimates of $5.71B. The company also backed its FY18 adjusted operating income view of $1.885B-$1.935B, or growth of 9%-12%, and sees QuickBooks Online subscribers of 3.275M-3.375M. Intuit raised its FY18 adjusted EPS view to $5.30-$5.40, or growth of 20%-22%, from $4.90-$5.00, against analysts’ estimates of $5.16.

LATER TAX SEASON OPEN: In a statement, Intuit noted that the tax preparation market is opening later this year, as the Internal Revenue Service began accepting returns on January 29. The IRS is reporting total returns processed through February 2 are down 10% and self-prepared e-files are down 7% compared with last year. Intuit’s processed consumer tax returns for that same period are down 6%, it said. “Every tax year is different and this year is no exception with the IRS opening its doors six calendar days later than last year,” Turbo Tax Executive Vice President and General Manager Dan Wernikoff said. “Beyond this timing creating a late forming tax season, we are confident in our plan, combining our intuitive DIY offer for those with simple returns and our TurboTax Live offer for those that want some assistance,” he added.