Financial software supplier Intuit took Wall Street by surprise by returning a better than expected profit for its fourth quarter.
Profits were on the back of strong sales of its flagship personal finance software package Quicken.
For the three months ending 31 July, the Mountain View, California, software company reported a profit of $1.6 million, or three cents a share, on turnover of $117 million. Wall Street analysts had expected a modest one cent a share.
For the fiscal year, Intuit lost $12.2 million, on turnover of $592 million, although this includes a $53.8 million charges for its acquisition of Lacerte Software in June.
"We entered the year with a clear goal to improve our operating performance and increase pro forma profitability, and we have achieved these goals," said chief executive Bill Harris. "For the year, our pro forma operating profit was 10.2 per cent of revenue, up two full points from last year. Moreover, our Quicken product had the most profitable season in its 15 year history.?
Intuit was also celebrating the success of its Quicken.com Web site (www.quicken.com), which had 90 million page views during July, compared to 16 million a year ago.
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