Intuit said it expected to hit its fiscal 2000 revenue and operating income goals as the personal finance application supplier unveiled a plan to boost its internet related services business.
Officials claimed that the firm was "on track" and they expect fiscal 2001 revenues to increase by more than 20 per cent over the current fiscal year. They also anticipate that internet related sales will double from $125.3m a year.
The First Call analysts' consensus estimate predicts that Intuit will earn 56 cents a share in fiscal 2000 and 69 cents in fiscal 2001. The company has lost about a third of its market value since 24 February when its fiscal second quarter revenues rose by only 14 per cent to $425.5m.
But at the company's fourth annual conference yesterday, Steve Bennett, Intuit's new president and chief executive, said it was in a good position to capitalise on its e-finance strategy. Bennett, former executive vice president and member of the chief executive's office at GE Capital, joined Intuit in January.
"The internet is creating more possibilities for success than ever before for our company [across the board]," he said, outlining a five point plan for growth.
This comprised strengthening the firm's existing business software portfolio, adding new services, producing new applications that could integrate data from third-party sources, and better exploiting operations throughout the organisation.
Intuit has been attempting to reinvent itself as an internet services company, although its software still generates the majority of its revenues. But it said it expects web based services to account for about 25 per cent of total sales during fiscal 2000.
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