Despite meeting analysts' expectations, Intuit saw its stock dip after the bell last night due to widening losses in its fourth quarter.
For continuing operations - excluding acquisition and restructuring charges - the home finance software supplier turned in losses of $8 million or 17 cents per share, compared with net losses of $7.3 million or 16 cents last year. Turnover rose by 10 per cent to $94.1 million.
As a result, the company?s stock traded at 27 1/2 after the bell, some 1 1/8 below an unofficial close of 28 5/8.
Intuit said that it traditionally experiences lower revenue plus operating losses during the July and October fiscal quarters due to the seasonal nature of the market for tax return applications. In these months, few people buy such software, but operating costs need to be maintained to develop and support the product for the next tax cycle.
For the full year ended 31 July, Intuit?s revenues increased by 11 per cent to $598.9 million, on net profits of $68.3 million.
This was after a $71.2 million one-off net gain as a result of the company?s sale of Intuit Services, and $21.4 million in charges related to acquisitions and the restructuring of technical support operations in the US and Europe.
In the year ago period, Intuit turned in losses of $20.7 million, after an $8 million charge due to acquisitions.
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