Intuit Inc. (INTU) reported a net loss of $68 million or $0.21 per share for the first quarter, compared to a loss of $52 million or $0.16 per share in the year-ago quarter.
Non-GAAP net loss was $32 million or $0.10 per share, compared to $28 million or $0.09 per share in the prior year quarter. Non-GAAP operating loss was $39 million.
Revenue for the first quarter increased 2% to $493 million from $481 million in the previous year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.16 per share on revenue of $487.69 million for the quarter. Analysts' estimates typically exclude special items.
For the second quarter, the company expects GAAP earnings of $0.15 to $0.18 per share, and non-GAAP earnings of $0.29 to $0.32 per share. Revenue is estimate to be $835 million for the quarter. Street expects earnings of $0.37 per share on revenue of $832.99 million for the quarter.
For fiscal 2010, the company estimates revenue of $3.3 billion to $3.43 billion, representing a growth of 4% to 8%. Analysts project revenue of $3.38 billion for the year.
The company said that it has repurchased $300 million of shares of stock in the quarter, and the board approved a new repurchase program of $600 million.
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