Intuit Posts Lower 2Q Profit as Costs, Expenses Rise
24 February 2021 - 8:55AM
Dow Jones News
By Kimberly Chin
Intuit Inc. posted lower profit in the fiscal second quarter as
costs and expenses rose, but it saw 11% revenue growth in its small
business and self-employed group business.
The maker of financial management tools TurboTax, QuickBooks and
Mint posted a net profit of $20 million, for the quarter ended Jan.
31, lower than the $240 million it reported in last year's second
quarter a year ago. Earnings were 7 cents a share, down from 91
cents a share a year earlier.
On an adjusted basis, Intuit had earnings of 68 cents a share,
one cent ahead of analysts' expectations, according to a FactSet
poll.
Total net revenue slipped to $1.58 billion from $1.7 billion a
year ago. Analysts were looking for $1.57 billion in revenue.
Small business and self-employed group revenue rose to $1.1
billion.
Costs and expenses rose 12% from a year ago to $1.6 billion.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
February 23, 2021 16:40 ET (21:40 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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