Tax-Filing Changes Prompt Intuit to Trim Q2 Guidance

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.


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