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Costs Push Intuit Profit Down 21%Filed at 8:13 p.m. ET MOUNTAIN VIEW, Calif. (AP) Intuit Inc.s second-quarter net income fell 21 percent as increased costs more than matched strong revenue growth driven by TurboTax sales. The financial software maker cut its earnings guidance for the rest of the year, sending shares down 3.5 percent in after-hours trading. The company said it earned $115.2 million, or 34 cents a share, in the quarter ended Jan. 31, compared with $145.4 million, or 40 cents a share, a year earlier. Excluding one-time items, the company recorded earnings of 40 cents a share, compared with 44 cents a year earlier. Revenue rose 11 percent to $834.9 million. The mean earnings estimate of analysts polled by Thomson Financial was 36 cents per share on revenue of $846 million. We are pleased with the early results for TurboTax and the continued strong growth in Payroll and Payments, said Brad Smith, Intuits president and chief executive. We are looking forward to another year of double-digit revenue growth for Intuit. Consumer tax revenue, which includes TurboTax, rose 11 percent from a year earlier. Selling and marketing costs rose 20 percent to $263.7 million. Intuits revenue from its QuickBooks accounting software rose 5 percent to $175.4 million. Revenue at its payroll and payments arm was flat at $138 million. The company now expects third-quarter earnings of $1.23 to $1.26 a share. The company had expected fiscal third-quarter per-share earnings of $1.25 to $1.28 on revenue up 11 percent to 14 percent, compared with analysts expectations of $1.37 on revenue rising 11 percent to $1.28 billion. Intuit now expects fiscal 2008 per-share earnings of $1.38 to $1.40, or $1.56 to $1.68 excluding items. The company had expected 2008 per-share earnings of $1.41 to $1.43, or $1.69 to $1.61 excluding items, compared with Wall Streets expectation of $1.61. Intuits shares fell 67 cents, or 2.2 percent, in the regular trading session to close at $29.79. They fell another $1.05 in after-hours trading. Tag CloudExternal InformationAdditional InformationBid news helps push FTSE higher...China bowls the Aussies a bouncer on Riop... U.S. Tightens Rules on Subprime Mortgages... The Cost of Living: 2 Incomes, at What Price?... Where Am I?News Main Page - Business - Costs Push Intuit Profit Down 21% |
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