Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Intuit Sees Lower Q3 Revenue; Stock Down

RELATED NEWS
Trade INTU now with 

Shares of Intuit Inc. (INTU: Quote) sank 6 percent on Friday after the financial software provider said it expects third-quarter revenue to be at or slightly below the low end of its prior guidance, citing softness in the digital tax prep category. The company estimates earnings for the period to be within its previous outlook.

Intuit in February had forecast third-quarter revenue of $1.95 billion to $1.99 billion, net earnings of $2.36 to $2.40 per share, and adjusted earnings of $2.47 to $2.51 per share.

Analysts polled by Thomson Reuters currently expect revenue of $1.97 billion and earnings of $2.49 per share for the quarter. Analysts' estimates typically exclude special items.

For the full year 2012, Intuit said it continues to expect net earnings of $2.43 to $2.50 per share, and adjusted earnings of $2.90 to $2.97 per share. Analysts currently expect earnings of $2.96 per share.

Intuit expects full year 2012 consumer tax revenue to grow 11 percent.

Intuit provides financial management solutions for small and medium-sized firms, accounting professionals, and others. Its flagship products include QuickBooks, TurboTax and Quicken.

Detailing its performance through April 18, 2012, Intuit said its offerings of TurboTax federal units rose 6 percent from last year, and TurboTax Online units were up 11 percent.

"Our revenue growth this year benefited from positive mix shifts within our TurboTax product lineup," said Dan Maurer, senior vice president and general manager of Intuit's consumer group.

"While the digital tax prep category grew at the lower end of our expectations this year, we believe we gained about one point of share online and are well positioned for long-term growth."

INTU is trading at $57.38, down $3.52 or 5.78%, on a volume of about 11 million shares on the Nasdaq.

Register
To receive FREE breaking news email alerts for Intuit Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.