Intuit shares are sliding on Wednesday.

Cost-conscious customers giving up on TurboTax sent Intuit shares sliding in early Wednesday trade.

Intuit stock $(INTU)$ fell 12% as the company forecast its revenue growth for 2027 would slow to between 9% to 10%, and it cut its three-year growth target for its main global business solutions segment down to a range of 10% to 15%, from 15% to 20%.

The revenue guidance equates to a range of $23.28 billion to $23.51 billion, vs. analyst expectations of $23.65 billion, according to FactSet.

Intuit said it's launching QuickBooks Free and QuickBooks Lite to help pull in low-end users.

Chairman and CEO Sasan Goodzari said the company is losing do-it-yourself customers to low-cost providers.

Analysts at Jefferies say the new guidance is low enough that it will now be difficult for Intuit to miss targets. On TurboTax specifically, they note the guidance for 2% to 3% growth is well below H&R Block's $(HRB)$ 4.8% guide, and that TurboTax revenues have never growth below 7% in the last 11 fiscal years.

-Steve Goldstein