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Intuit profit falls but beats Street view
02.19.09, 07:02 PM EST
BOSTON, Feb 19 (Reuters) - Intuit Inc posted a smaller-than-expected drop in quarterly profit but cut its full-year revenue forecast, saying the bad economy is hurting sales of products including QuickBooks accounting and Quicken personal finance software.
Shares of Intuit rose 6 percent in after-hours trading as analysts said the company managed to beat analyst projections for the quarter ended Jan. 31 by tightly controlling operating expenses.
'They just crushed it on operating costs,' said Jefferies & Co analyst Ross MacMillan, adding that Intuit's operating expenses came in $25 million below his estimate.
Revenue for its fiscal second quarter fell 5 percent from a year earlier to $791 million, compared with the average forecast of $794 million according to Reuters Estimates.
Intuit said it deferred $70 million of revenue from its top-selling TurboTax tax-preparation software to the third quarter because of a change in the way it priced the product. Without that shift, total revenue would have grown 2 percent from a year earlier.
Profit excluding items was 34 cents per share for its fiscal second quarter ended Jan. 31, compared with the average analyst forecast of 27 cents per share, according to Reuters Estimates.
Intuit Chief Executive Brad Smith said he intends to maintain controls on spending.
...
http://www.forbes.com/feeds/afx/2009/02/19/afx6074217.html
Software publisher Intuit (INTU 21.27) reported better-than-expected earnings for its fiscal second quarter and issued in-line guidance for the current quarter and full year.
...
http://news.moneycentral.msn.com/ticker/article.aspx?Feed=Bcom&Date=20090220&ID=9628629&Symbol=INTU
02.19.09, 07:02 PM EST
BOSTON, Feb 19 (Reuters) - Intuit Inc posted a smaller-than-expected drop in quarterly profit but cut its full-year revenue forecast, saying the bad economy is hurting sales of products including QuickBooks accounting and Quicken personal finance software.
Shares of Intuit rose 6 percent in after-hours trading as analysts said the company managed to beat analyst projections for the quarter ended Jan. 31 by tightly controlling operating expenses.
'They just crushed it on operating costs,' said Jefferies & Co analyst Ross MacMillan, adding that Intuit's operating expenses came in $25 million below his estimate.
Revenue for its fiscal second quarter fell 5 percent from a year earlier to $791 million, compared with the average forecast of $794 million according to Reuters Estimates.
Intuit said it deferred $70 million of revenue from its top-selling TurboTax tax-preparation software to the third quarter because of a change in the way it priced the product. Without that shift, total revenue would have grown 2 percent from a year earlier.
Profit excluding items was 34 cents per share for its fiscal second quarter ended Jan. 31, compared with the average analyst forecast of 27 cents per share, according to Reuters Estimates.
Intuit Chief Executive Brad Smith said he intends to maintain controls on spending.
...
http://www.forbes.com/feeds/afx/2009/02/19/afx6074217.html
Software publisher Intuit (INTU 21.27) reported better-than-expected earnings for its fiscal second quarter and issued in-line guidance for the current quarter and full year.
...
http://news.moneycentral.msn.com/ticker/article.aspx?Feed=Bcom&Date=20090220&ID=9628629&Symbol=INTU