(Adds forecast, share move)
Aug 21 Intuit Inc, the developer of
tax-preparation software TurboTax, forecast a much bigger
first-quarter loss, citing restructuring in its small business
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
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)