February 8, 2013
Intuit (NASDAQ: INTU ) has reduced guidance for its just-completed Q2. The firm now believes it will post $960 million-$965 million in revenue, and report GAAP operating income of $85 million-$90 million, as some revenue will shift into Q3.
The company attributed the adjustment to "the late passage of tax legislation and the Internal Revenue Service's delay in opening e-file." It explained that usually, the Internal Revenue Service begins accepting tax returns in mid-January. This year, that did not begin until the end of the month.
Intuit's Q2 ended on Jan. 31. The company does not expect the mentioned factors to influence full-year top line or operating income. For all of fiscal 2013, it anticipates revenue growth of 10%-12% on a year-over-year basis, and non-GAAP operating income to advance 12%-14%.
The company is to release a set of Q2 results Feb. 21.