H&R Block (HRB) shares are trading higher following the tax-prep service’s fourth-quarter earnings beat on both the top and bottom lines, driven by its artificial intelligence iniatives. The company reports revenue of $1.06 billion, surpassing estimates of $1.05 billion. Adjusted EPS also beat estimates at $1.89, above the projected $1.74.
H&R Block CEO Jeff Jones joins Wealth! to discuss the company’s outlook and growth plans.
Jones emphasizes that while the company is "known for consumer tax preparation," diversifying into areas such as small business services and mobile banking. He notes, "There’s really nice growth in all of those different businesses," attributing this to the company’s overall success.
Regarding the newly added AI tax assist feature, Jones explains, "We’re not forcing people down a certain path." Customers can choose between in-person help at H&R Block stores, the DIY version, or AI assistance.
"Our brand is grounded in human help, and we think the combination of artificial intelligence to help the consumer and artificial intelligence to help our tax professionals is really where we’re headed," Jones tells Yahoo Finance.
Addressing the potential impact of the presidential election on H&R Block, Jones clarifies, "We’re in the tax prep business, not the tax policy business." He notes that policy changes occur yearly, and the company consistently adapts, which it will continue to do regardless of the election outcome.
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