Intuit Posts Lower 2Q Profit as Costs, Expenses Rise

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 [e-mail]

(END) Dow Jones Newswires

February 23, 2021 16:40 ET (21:40 GMT)

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