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TaxAct launched its 2020 digital tax preparation products, providing consumers the ability to maximize tax refunds at up to 30% less cost than competitors like TurboTax and H&R Block. Key features include expanded W-2 auto import, improved pricing transparency, and enhanced tax-saving tools. Notably, TaxAct Free now allows users to report unemployment income, aiding those affected by the 2020 economic challenges. With a $100k Accuracy Guarantee, TaxAct aims to help filers confidently maximize their tax outcomes while minimizing costs.
Blucora (NASDAQ: BCOR) outlined its strategic initiatives and achievements in a letter to stockholders for 2021. The company successfully adapted to the challenges of 2020, transitioning most employees to remote work and refining its business strategy. Key developments include the acquisition of HK Financial Services, rebranding it as Avantax Planning Partners, and enhancing the leadership team with new executives. Blucora aims to leverage an increased addressable market and synergies from this acquisition. The company also emphasizes strong governance, with over 60% of independent directors being women or racially diverse.
Blucora, Inc. (NASDAQ: BCOR) reported third-quarter financial results for 2020, highlighting an 18% revenue increase to $175.4 million. Wealth Management revenue dropped 7%, while Tax Preparation skyrocketed 999%. Advisory assets grew 23% year-over-year, with total client assets reaching $76.2 billion. The company closed the acquisition of HK Financial Services, enhancing its wealth management capabilities. Despite reporting a net loss of $26.2 million, improvements in operating income and adjusted EBITDA suggest progress amid COVID-19 challenges.
Blucora (NASDAQ: BCOR) will release its third quarter 2020 financial results on November 9, 2020, before market open. The company will host a conference call at 8:30 a.m. ET to discuss results and future outlook, which can be accessed via its website. Blucora operates in wealth management, managing $69 billion in client assets through Avantax Wealth Management, and in tax preparation with TaxAct, serving 3 million consumers and 20,000 professionals. As of June 30, 2020, Blucora's wealth management segment had approximately $4.5 billion in client assets.
Blucora (NASDAQ: BCOR) announced the appointment of Karthik Rao to its Board of Directors, effective August 28, 2020, increasing independent directors from seven to eight. His expertise in data and analytics aligns with Blucora's growth strategy. Rao, currently COO at Nielsen Global Media, has held multiple executive roles within Nielsen, enhancing his suitability for the position. Blucora, a provider of financial wellness solutions, operates in wealth management and tax preparation, boasting significant client assets, including $69 billion in wealth management as of June 30, 2020.
Blucora, Inc. (NASDAQ: BCOR) reported its Q2 2020 financial results, revealing a 17% drop in total revenue to $161.1 million. Wealth Management revenue declined by 9% to $115.9 million, while Tax Preparation revenue fell 31% to $45.2 million. Segment income also suffered, down 68% to $18.4 million. Despite challenges, e-files increased 1% year-over-year, and the company's acquisition of HK Financial Services was finalized on July 1, enhancing growth prospects. Adjusted EBITDA declined by 76% to $12.6 million. Full-year tax preparation revenue is expected to decrease by 3% compared to 2019.
The 2020 tax season saw a historic three-month extension for federal tax filing, prompting millions of Americans to file their taxes, often for the first time from home. TaxAct, a leading tax preparation software, offers guidance for last-minute filers, highlighting the importance of thoroughness to avoid costly errors. Key tips include checking information for inaccuracies, considering IRA contributions by the July 15 deadline, and planning for 2020 taxes proactively. TaxAct aims to help users maximize their refunds by uncovering eligible deductions and credits.
Blucora (NASDAQ: BCOR) announced the successful acquisition of HK Financial Services for an upfront price of $100 million. This acquisition aims to enhance Blucora's partnerships with CPA firms, delivering improved wealth management services to their clients. Additionally, Blucora secured a $175 million add-on term loan to finance this acquisition, which will also bolster the company's working capital by retaining a portion of the loan proceeds. This strategic move is expected to increase Blucora's addressable market and potential revenue growth.
Blucora (NASDAQ: BCOR) reported a 17% increase in total revenue year-over-year for Q1 2020, totaling $263.3 million. The Wealth Management segment saw a substantial 62% growth in revenue, reaching $145.0 million, while Tax Preparation revenue declined by 13% to $118.3 million. The company faced a $271 million goodwill impairment related to its wealth management business. As of March 31, 2020, Blucora held $168.2 million in cash. Due to the pandemic's uncertainty and extended tax deadlines, the prior tax preparation outlook has been withdrawn.
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