Intuit (INTU), the maker of TurboTax and Quicken, posted a narrower-than-expected quarterly loss on Wednesday but also slashed its full-year revenue and earnings forecast.

Intuit issued a loss of $76 million, or 16 cents per share in its fiscal first quarter, compared to a loss of $103 million, or six cents per share, a year ago.

The maker of tax-preparation and accounting software said revenue grew 8% to $481 million.

The quarterly loss was expected, as Intuit often posts a fiscal first-quarter loss because its business is focused on tax season.

On a non-GAAP basis, Intuit lost $29 million, or nine cents per share, improved from $56 million, or 10 cents per share, a year ago.

Analysts polled by Thomson Reuters had expected a wider non-GAAP loss of 12 cents per share on slightly stronger revenue of $483.23 million.

“First-quarter revenue was within our expected range, and operating income and earnings per share were significantly above our expectations,” said Brad Smith, Intuit’s president and chief executive officer. “It’s clear our customers are facing a challenging economic environment. We believe individuals and small businesses will turn to our products and services to help them save and make money.”

Looking ahead, Intuit sees an adjusted-loss in the range of 40 cents to 42 cents per share in the current quarter. The company cut its full-year forecast, now predicting non-GAAP earnings per share of $1.82 to $1.89 per share on revenue in the range of $3.26 billion to $3.38 billion.

Intuit didn’t explain its new forecast, which was weaker than Wall Street expected. Analysts had been predicting second-quarter earnings of 46 cents per share and full-year earnings of $1.83 per share on revenue of $3.33 billion.