Intuit's Loss Widens
SAN FRANCISCO -- Intuit's (INTU) - Get Intuit Inc. Report fourth-quarter loss quadrupled Thursday, but the company issued stronger-than-expected 2009 guidance.
The loss in the company's seasonally slow quarter widened to $61.9 million, or 19 cents a share, from $13.6 million, or 4 cents a share, in the year-ago period.
Excluding special charges, Intuit posted a loss of 8 cents a share, in line with analysts' expectations.
Revenue at the maker of TurboTax software rose 10.5% to $478.2 million. Analysts were expecting $470 million, according to Thomson Reuters.
Intuit shares were off 53 cents, or 1.8%, to $29.50 in extended trading.
For the first quarter of fiscal 2009, the Mountain View, Calif. company projected revenue of $480 million to $492 million and a loss of 11 cents to 14 cents a share, excluding special items.
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Analysts were expecting revenue of $484.1 million and a loss of 11 cents a share, less items.
For the full year, Intuit said revenue would range between $3.35 and $3.43 billion. EPS will range from $1.86 to $1.90. Analysts were projecting a top line of $3.34 billion and EPS, less items, of $1.86.
The company is moving more deeply into the on-demand market, with plans to offer its QuickBooks small-business software as a hosted service in coming months.
In tax software, Intuit competes with
H&R Block
(HRB) - Get H&R Block, Inc. Report
, which is due to report earnings in September.
