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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
04/26/201620:29:00H&R Block Lays Off 250 as U.S. Tax Return Volumes Fall -- Update
04/26/201619:10:00H&R Block U.S. Tax Return Volume Declines 5.8%
04/26/201619:00:00H&R Block U.S. Tax Return Volume Declines 5.8%
04/26/201609:01:00Intuit to Announce Third-quarter FY ’16 Results on May 24
04/26/201609:00:00Intuit Finishes the Tax Season Strong; TurboTax Online Units...
04/21/201608:00:00Intuit Professional Tax Announces New Portfolio Brand Name – I...
04/18/201616:21:00Legendary Silicon Valley Mentor Bill Campbell Dies at 75
03/31/201619:10:00John Doerr to Become Kleiner Perkins's First Chairman
03/30/201618:26:07Statement of Changes in Beneficial Ownership (4)
03/25/201614:27:12Statement of Changes in Beneficial Ownership (4)
03/24/201608:30:00Self-Employed? Taxes Just Got Easier
03/14/201616:19:38Statement of Changes in Beneficial Ownership (4)
03/10/201612:56:00Statement of Changes in Beneficial Ownership (4)
03/08/201615:10:00Intuit Sheds QuickBase
03/08/201614:51:00Intuit Sheds QuickBase as Part of Plan to Pare Down
03/04/201614:05:00Intuit Finds a Buyer for Quicken--Update
03/04/201610:40:00Intuit Finds a Buyer for Quicken
03/04/201610:33:00Intuit Finds a Buyer for Quicken
03/01/201618:34:24Statement of Changes in Beneficial Ownership (4)
02/25/201617:40:00Intuit Beats Revenue, Earnings Targets

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