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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
03/26/201518:35:52Statement of Changes in Beneficial Ownership (4)
03/25/201516:51:19Statement of Changes in Beneficial Ownership (4)
03/19/201515:08:00Intuit Comments on Productive Security Summit Led by the IRS
03/13/201508:00:00Tax Time Phone Scams on the Rise
03/12/201516:38:44Lawmakers Look for Ways to Fight Identity-Theft Tax Fraud
03/12/201508:30:00Intuit and Bigcommerce Partner to Simplify Financial Business...
03/12/201508:30:00Intuit Partners with Shopify to Automate Bookkeeping for Online...
03/10/201508:30:00Small Business Revenue and Hours Worked Both Down in February
03/06/201518:21:15Intuit Has Been Contacted by DOJ and FTC
03/06/201517:43:32Intuit confirms Congress, FTC, DOJ probing TurboTax fraud
03/06/201517:01:00Intuit Confirms Information Requests From Government
03/01/201505:02:23Some Companies Are More Wonderful Than Others
02/27/201512:26:07Protect Yourself From Tax Identity Theft
02/26/201518:20:34Statement of Changes in Beneficial Ownership (4)
02/25/201516:02:00Intuit to Present at Raymond James Institutional Investor Conference
02/25/201516:00:00Intuit to Present at Morgan Stanley Technology Conference
02/25/201515:53:24Statement of Changes in Beneficial Ownership (4)
02/24/201517:45:11Statement of Changes in Beneficial Ownership (4)
02/23/201518:56:00Intuit Refutes Allegations About Security Practices
02/20/201517:34:33Dow, S&P 500 Close at Records -- Update

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