Intuit Tops Revised Sales and Profit Forecasts for Q3

intuit

intuit reported profit of $2.97 a share on sales of $2.18 billion, Mountain View, California-based Intuit said yesterday. That compares with analysts’ average projection for earnings of $2.93 a share on revenue of $2.17 billion, according to data compiled by Bloomberg.

Intuit cut its third-quarter sales and profit forecasts last month, citing a decline in tax returns filed as of April 12. The IRS didn’t start accepting electronic returns until Jan. 30, about two weeks later than usual, Intuit said.

The company is reportedly dealing with declining sales for it’s tax software as fewer users file returns and the ability to do so online looms as a future possibility.

via: Bloomberg

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Wayne Schulz is a consultant who writes about the ERP industry and technology related news.