Intuit Shares Slide On Weak Outlook
Shares of Intuit Inc. fell in Tuesday's extended session after the maker of TurboTax software posted a weak outlook for the current quarter. Intuit reported it swung to a loss of $40 million, or 16 cents a share, in the fourth quarter from a profit of $14 million, or 5 cents a share, a year earlier. Excluding items, the company would have earned 8 cents a share. Revenue rose to $754 million from $696 million. Analysts surveyed by FactSet had forecast a loss of 2 cents a share, on an adjusted basis, on revenue of $733 million. In the first quarter, Intuit projected adjusted earnings of 1 cent a share to 3 cents a share and revenue in a range of $740 million to $760 million. Wall Street is forecasting EPS of 13 cents and $773 million in revenue. Intuit fell 0.8% after hours.
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