Intuit reports 2nd-quarter loss but tops expectations
Intuit Inc. (INTU) on Thursday reported a loss of $66 million in its fiscal second quarter.
The Mountain View, California-based company said it had a loss of 23 cents per share. Losses, adjusted for one-time gains and costs, came to 6 cents per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The maker of TurboTax, QuickBooks and other accounting software posted revenue of $808 million in the period, also beating Street forecasts. Analysts expected $784 million, according to Zacks.
For the current quarter ending in April, Intuit expects its per-share earnings to range from $2.70 to $2.75. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.90.
The company said it expects revenue in the range of $2.08 billion to $2.15 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $2.23 billion.
Intuit expects full-year earnings in the range of $2.45 to $2.50 per share, with revenue ranging from $4.28 billion to $4.38 billion.
Intuit shares have decreased 1 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 2 percent. In the final minutes of trading on Thursday, shares hit $91.16, a rise of 25 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INTU at http://www.zacks.com/ap/INTU
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