Intuit stock is crashing amid SaaSpocalypse concerns as a bullish pattern forms

Intuit stock price crash continued today, April 9, reaching its lowest level since February 26 amid the rising concerns about the impact of artificial intelligence (AI) tools on its business. INTU dropped to $360, down by 55% from its highest point in 2025.

Intuit stock is crashing amid the SaaSpocalypse fears 

Intuit is one of the top software companies in the world, with a strong market share in the accounting industry. QuickBooks, its top product, is used by millions of people a day.

The company also runs TurboTax, the biggest competitor to H&R Block, the biggest tax filing company in the US. It also runs CreditKarma and MailChimp.

Intuit stock price has slumped in the past few months, mirroring the performance of other software companiesl ike Atlassian, AppLovin, and Workday. Investors are concerned that top AI tools will disrupt the services.

The company has also been affected by the ongoing weakness in MailChimp, a company it acquired a few years ago to provide online marketing solutions to companies from around the world.

To some extent, we believe that AI tools can replace some of the products that Intuit offers. However, it is still hard to replace some solutions like QuickBooks and TurboTax. Instead, AI will make these solutions better by complementing them. Intuit calls this the combination of AI and Human Intelligence (HI).

The most recent numbers showed that the company is growing despite the rising usage of AI tools. Its revenue jumped by 17% to $4.7 billion in its second quarter. 

Its Global Business Solutions made $3.2 billion, while the online ecosystem grew by 21% to $2.5 billion. Mailchimp’s revenue dropped for the second consecutive quarter, while its churn has remained high.

Analysts expect that the company’s revenue growth will continue rising by double digits despite pricing pressure. The average estimate is that its revenue will grow by 12.6% this year to over $21.2 billion, followed by 12.5% next year to $23 billion. These are strong numbers for a company that was started in 1983.

The same profitability momentum is expected to continue growing, with the earnings-per-share (EPS) growing to $23.22 this year from the previous $20.15. 

Most notably, the management believes that the company is undervalued and are aggressively repurchasing shares. It repurchased shares worth over $961 million in the last quarter, a trend that will continue this year.

Data shows that the company’s stock has become highly undervalued based on its historical standards. It now has a forward PE ratio of 30, lower than the five-year average of 40. Its forward revenue growth is 13%, while its EBITDA and net profit margins are 25% and 30%. This gives it a rule-of-40 multiple of between 39% and 43%, which makes it a relatively cheap company.

We believe that SaaS companies will eventually bounce back as investors start buying the dip as concerns about their demise fades. If this happens, companies like Intuit will do well as the panic selling ends.

INTU stock price technical analysis 

Intuit stock chart  |Source: TradingView 

The weekly chart shows that the INTU stock price has crashed in the past few months, moving from a high of $808 to the current $360. 

A closer look shows that any attempts to rebound have faced substantial resistance. However, on the positive side, the stock is about to form a double-bottom pattern at $348 and a neckline at $480.

This pattern means that the stock will likely rebound in the near term. If this happens, the initial target will be at $480, which is about 32% above the current level.