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Late Tax Season Start Cuts Intuit 2Q

Intuit says the late start to the tax season will cut from 23 percent to 25 percent of its revenue from the first quarter ended January 31. The company this week also adjusted its expected operating income to an operating loss.

Intuit can be expected to make up much of the revenue in the current quarter with the February 12 start to tax season. Last year's July 15 tax season deadline similarly moved a substantial amount of revenue from the April quarter to the July quarter.

The company expects revenue of $1.57 billion to $1.576 billion for the first quarter, down from the prior rang of $1,935 billion to $1.965 billion. Instead of operating income of $171 million to $191 million, Intuit now says it will reports an operating loss of $30 million to $25 million.

Earnings per share will drop significantly falling to six cents to seven cents per share, down from the previous expectation of 43 cents to 49 cent per share.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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