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Intuit Reports First Quarter 2014 Results

By TechTaffy Desk

Intuit reported financial results for the first quarter of the 2014 fiscal year, which ended Oct. 31. The company increased revenue 11 percent, to $622 million, but reported a loss of $77 million (four cents per share). 

Brad Smith (President and chief executive officer, Intuit): We are out of the gate strong in the first quarter, led by the rapid adoption of QuickBooks Online, which is accelerating our transition to the cloud and driving value for Intuit. Cloud-based offerings provide superior benefits for small businesses, so we are making it as easy as possible for our QuickBooks customers, accountants and developers to move to the cloud.

For the full fiscal year 2014 Intuit expects revenue of $4.44 billion to $4.525 billion, a growth of six to eight percent. Operating income is expected to be $1.347 billion to $1.377 billion, a growth of 9 to 12 percent. Earnings per share is forecasted to be in the region of $3.11 to $3.19, a growth of 10 to 13 percent.

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