Personal finance software supplier Intuit has reported better than expected earnings for its second quarter, despite being forced to match price cutting by its main competitor Microsoft.
Company officials said they expect to meet Wall Street earnings estimates for the remainder of the year but warned that slowing growth in the personal finance market could affect revenue in coming quarters.
For the period ended 31 January, Intuit reported net income of $115.9 million, or $244 a share, compared with $21.9 million, or 46 cents a share, a year earlier. Revenue rose 21 per cent to $266 million from $219 million. The company?s Quicken product currently holds about 80 per cent of the personal finance software market.
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