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Updated from Feb. 13

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(INTU) - Get Intuit Inc. Report

was soaring in the pre-market session after it handily beat second-quarter earnings estimates and raised guidance for the full fiscal year.

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The tax-crunching software firm reported net income of $119.9 million, or 55 cents a share, for the second quarter ending Jan. 31. That's up 351% from net income of $26.6 million, or 12 cents a share, a year earlier.

On Instinet, Intuit's shares were rising 5% to $38.75 Thursday despite a downgrade by Salomon, which suggested selling into the earnings rally.

Revenue totaled $547.2 million, up 20% over last year's second quarter, but slightly less than the $555 million expected by the consensus gathered by Thomson Financial/First Call. Last year's second-quarter results included a $71.9 million loss on marketable securities and other investments, compared with a $1.6 million gain this year.

Excluding certain charges, Intuit earned 61 cents a share. Analysts expected the company to earn 57 cents a share on a pro forma basis, according to Thomson Financial/First Call.

Intuit President and CEO Steve Bennett raised estimates for pro forma operating income for fiscal 2002 by $20 million to between $300 million and $310 million. Last quarter the company increased annual revenue guidance by $5 million. Intuit said it is too early to predict results for the full tax season. The company generally earns the bulk of its revenue and profit in its second and third quarters.