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Intuit trims losses in 1Q
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November 23, 1999: 4:23 p.m. ET
Personal finance software maker more than doubles Internet revenues
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NEW YORK (CNNfn) - Intuit Inc. Tuesday reported a fiscal first-quarter loss that was narrower than Wall Street analysts expected as the maker of personal-finance software more than doubled its revenue from Internet-related business.
For the quarter ended Oct. 31, the Mountain View, Calif.-based firm recorded a pro-forma loss of $22.6 million, or 12 cents a share. Analysts polled by First Call expected Intuit (INTU) to lose 19 cents a share. Revenue climbed 46 percent to $163.1 million.
Intuit cut its losses from a year ago, when it lost $26.8 million, or 15 cents a share, on $112 million in revenue.
Intuit shares rose 2-3/16 to close at 44-1/16 prior to the earnings announcement.
Intuit, which develops the popular Quicken personal-finance software, has been working to transform itself into a Web-based provider of financial services.
The company attributed much of its performance to gains in Internet-related business. Intuit's Internet revenue climbed 119 percent over year-ago levels and accounted for 19 percent of its total first-quarter revenue.
"Intuit is defining and leading the new world of e-finance -- and that strategy is paying off," said Scott Cook, chairman of the executive committee.
Intuit provides content from its Quicken software to CNNfn.com.
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