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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
02/05/201611:45:00Join QuickBooks for Big Game Viewing Party
02/05/201606:00:00Watch the latest BizWireTV from Business Wire
02/03/201609:00:00The Five Faces of the On-Demand Economy
02/02/201616:04:38Current Report Filing (8-k)
01/29/201613:28:00How the On-Demand Economy Is Reshaping the 40-hour Work Week
01/29/201612:00:00How the On-Demand Economy Is Reshaping the 40-hour Work Week
01/28/201616:00:00Intuit to Announce Second-quarter FY ’16 Results on Feb. 25
01/28/201609:00:00Death Wish Coffee Wins QuickBooks Small Business Big Game
01/26/201616:41:27Amended Statement of Ownership (sc 13g/a)
01/26/201614:30:27Statement of Changes in Beneficial Ownership (4)
01/26/201614:29:51Statement of Changes in Beneficial Ownership (4)
01/26/201614:29:26Statement of Changes in Beneficial Ownership (4)
01/26/201614:28:01Statement of Changes in Beneficial Ownership (4)
01/26/201614:27:36Statement of Changes in Beneficial Ownership (4)
01/26/201614:26:42Statement of Changes in Beneficial Ownership (4)
01/25/201618:45:14Statement of Changes in Beneficial Ownership (4)
01/25/201617:48:44Initial Statement of Beneficial Ownership (3)
01/25/201615:58:32Current Report Filing (8-k)
01/21/201609:00:00QuickBase Sync for CSV Unlocks Critical Business Data from Box...
01/19/201608:00:00File Today With TurboTax and Get Your Maximum Refund

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