Financial software company Intuit thanked its seasonally popular tax preparation products for its 41 per cent leap in profit in its fiscal second quarter results.
Profit for the period ended 31 January, 1999, reached $84.8 million, or $1.34 per share, compared with $47 million, or $0.95 per share a year ago. The figure excluded merger and acquisition related charges. Revenue was $346 billion, compared to $238 billion a year ago.
The results were also boosted by the acquisition of Lacerte, a tax products firm, plus the early launch of its Quickbooks 99 finance software package.
Intuit's Internet business and the Quicken.com Web site also grew rapidly in the period. Though still representing less than 10 per cent of overall revenue, traffic in January was up 52 per cent in the quarter and 270 per cent from last January. This success has help Intuit secure major advertising deals which the company said is worth more than $60 million over the next two years.
It was revealed yesterday that the company is to sell its 9.94 per cent stake in Internet portal Excite which could generate more than $500 million for Intuit. (See Newswire, 26 February, 1999).
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