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Intuit: TurboTax Use Rose 6% From Year-Ago Tax Season, Warns On 3Q Revenue

DOW JONES NEWSWIRES Use of Intuit Inc.'s (INTU) TurboTax tax-preparation service rose 6% from a year earlier, though the digital category's growth was at the low end of its expectations. Shares slid 3.5% to $58.76 in recent trading. Shares are up 12% this year. For the tax season ended Wednesday, TurboTax handled a total of 24.5 million federal filings, up from 23.1 million a year earlier. The company said filings through TurboTax online rose 11%, while use of TurboTax desktop software fell 3.5%. Intuit, which makes TurboTax and QuickBooks, has posted topline growth as cost-conscious consumers and businesses have been choosing less-expensive software to handle financial accounting and reporting tasks. Intuit also is adding cloud services, mobile apps and other features to make the online utilities more useful. Intuit backed its full-year forecast and said fiscal third-quarter revenue should be at or slightly below its guidance. The company reported in February its fiscal second-quarter profit climbed 62% as the shift to online services generated better-than-expected tax business and contributed to a 16% revenue increase. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Intuit (INTU)
DateTimeHeadline
08/31/201616:00:00Intuit to Present at Citi Global Technology Conference
08/29/201610:01:00Global Intuit Study: Small Businesses Using Apps in Record Numbers
08/26/201616:32:09Statement of Changes in Beneficial Ownership (4)
08/26/201616:29:56Statement of Changes in Beneficial Ownership (4)
08/25/201619:28:19Statement of Changes in Beneficial Ownership (4)
08/25/201619:27:07Statement of Changes in Beneficial Ownership (4)
08/25/201608:30:00Michael Phelps, Simone Biles Headlining QuickBooks Connect in...
08/24/201609:39:00U.S. Hot Stocks: Hot Stocks to Watch
08/23/201620:50:00Intuit Posts 8% Revenue Increase, Sees First Quarter Below Wall...
08/23/201618:19:00Intuit Posts 8% Revenue Increase, Sees First Quarter Below Wall...
08/23/201616:03:22Current Report Filing (8-k)
08/23/201616:00:00Intuit Revenue Up 12 Percent in Fiscal 2016
08/18/201613:57:40Statement of Changes in Beneficial Ownership (4)
08/18/201613:56:07Statement of Changes in Beneficial Ownership (4)
08/18/201613:55:13Statement of Changes in Beneficial Ownership (4)
08/18/201613:53:41Statement of Changes in Beneficial Ownership (4)
08/16/201614:24:21Statement of Changes in Beneficial Ownership (4)
08/16/201614:23:27Statement of Changes in Beneficial Ownership (4)
08/16/201608:00:00Intuit Announces Top Four Global Firms of the Future
08/11/201616:00:00Work Smarter, Not Harder with Intuit ProConnect Tax Online and...

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