Intuit forecasts much bigger loss for current quarter
(Reuters) - Intuit Inc, the developer of tax-preparation software TurboTax, forecast a much bigger first-quarter loss, citing restructuring in its small business group unit.
The company forecast a current-quarter loss of 36-37 cents per share. It reported a loss of 4 cents in the same quarter a year earlier.
The Mountain View, California-based company earns most of its profit in its second and third quarters when people are more likely to buy its do-it-yourself tax preparation software in the lead up to tax season.
The company sold its financial services unit last year to focus on expanding its tax-preparation services. The company acquired professional tax filing software provider KDK Softwares in July to expand its accounting and tax services in India.
Intuit said on Thursday its net loss widened to $39 million, or 14 cents per share, in the fourth quarter ended July 31, from $16 million, or 5 cents per share, a year earlier.
Total expenses rose about 13 percent to $787 million.
Intuit's shares were down 1.6 percent in extended trading after closing at $85.81 on the Nasdaq.
The company raised its quarterly dividend by 32 percent to 25 cents per share.
(Reporting By Neha Dimri in Bangalore; Editing by Maju Samuel)