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.
Fool contributor Eric Volkman has no position in Intuit. The Motley Fool recommends Intuit. The Motley Fool owns shares of Intuit. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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