Werbung
March 15, 2001
Intuit Shares Drop After Firm
Lowers Its Revenue Outlook
A WSJ.com News Roundup
MOUNTAIN VIEW, Calif. -- Intuit Inc. reiterated its earnings
forecast for the year, but warned that revenue will come in short
of estimates due to weak sales of its QuickBooks
small-business software.
Shares of Intuit dropped sharply on the news, which was issued
shortly after noon EST on Thursday. In midafternoon trading on
the Nasdaq Stock Market, the shares were down $11.38, or
27%, to $30.88.
The maker of personal-finance software now predicts fiscal
third-quarter revenue of between $425 million to $450 million,
below the consensus estimate of $467.5 million, according to
First Call/Thomson Financial.
The company said annual revenue would be $1.26 billion to
$1.3 billion for the full fiscal year, below the consensus estimate
of $1.32 billion. The fiscal year ends July 31.
The company, however, stuck to its previously stated fiscal
2001 pro forma operating income projection of $205 million to
$213 million.
Intuit said it is seeing strength from Quicken Loans and Deluxe
Payroll, and said both are expected to achieve greater than
50% growth in fiscal 2001. But the company said that three
products -- QuickBooks desktop software, QuickBooks
Internet Gateway and Site Solutions -- weren't meeting revenue
expectations.
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