Intuit to Divest Demandforce, QuickBase and Quicken -- Update
August 20 2015 - 5:52PM
Dow Jones News
By Josh Beckerman
Intuit Inc., the maker of TurboTax, said it plans to divest its
Demandforce, QuickBase and Quicken operations to sharpen its
focus.
The company also increased its dividend by 20% to 30 cents a
share from 25 cents.
Intuit said its loss excluding items for the fiscal fourth
quarter ended July 31 was five cents a share, while revenue rose 7%
to $696 million. Intuit had expected a loss excluding items of 10
cents to 12 cents a share on revenue of $720 million to $745
million.
Net income was $14 million, or five cents a share, compared with
a net loss of $29 million, or 10 cents a share, a year earlier.
The company said "small business momentum continues to build"
and it posted strong growth in QuickBooks Online subscribers.
Intuit shares fell 3.8% to $99 in after-hours trading.
The planned exit from Demandforce, QuickBase and Quicken is
expected to reduce revenue by about $250 million, and earnings
excluding items by about 10 cents a share for the year ending in
July 2016. Intuit expects revenue of $4.525 to $4.6 billion and
earnings excluding items of $3.40 to $3.45 for the year.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 20, 2015 17:37 ET (21:37 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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