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Intuit Slips on Lowered View

Updated from 4:46 p.m. EST Intuit (INTU - Get Report) was able to beat Wall Street's second-quarter earnings expectations, but revenue growth was sluggish, and net income slipped by nearly 21%.

The maker of popular tax-related software programs posted a profit of $145 million, or 40 cents a share, down from $183 million, or 50 cents a share in the year-ago quarter, Intuit announced after Thursday's closing bell.

Revenue was up 3% to $763 million. However, the number is a bit misleading because $45 million in revenue from two products that would normally have been recognized in the second quarter moved to the first and third quarters.

Had the revenue from Quicken, which shipped early, and Professional Tax, which shipped late due to last-minute changes by the IRS, been recognized on a normal schedule, sales would have grown by a more robust 9%, said CFO Kiran Patel.

Excluding 7 cents a share from discontinued operations, Intuit earned $161 million, or 45 cents a share. Analysts polled by Thomson First Call were forecasting an EPS of 42 cents on revenue of $762 million.

The news sparked some mild selling after the close. Shares were off 38 cents, or to $30.48 in extended trading.

Intuit also announced that ADP Employer Services, a division of Automatic Data Processing (ADP ) will take over a portion of Intuit's payroll business.

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