Intuit Tax Season Profit Revenues

Intuit Inc. is an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals. It is incorporated in Delaware and headquartered in Mountain View, California.

Mountain View financial software maker Intuit said revenue in its most recent quarter was $837 million, up 8 percent from a year earlier.

"While it is still early in the year, we are confident in our ability to perform well in the second half and therefore are raising our revenue and earnings guidance for the year," Intuit CEO Brad Smith said in a statement.

Intuit's profit in the quarter ending Jan. 31 was $114 million, or 35 cents a share, up from $85 million a year earlier.

Intuit makes much of its revenue during tax season from its TurboTax software. So far this year, Intuit said, the number of TurboTax copies sold for filing federal tax returns is up 11 percent.

Intuit's results exceeded forecasts, and shares were up in after-hours trading. Excluding stock-based compensation costs, second-quarter earnings were 38 cents a share, Intuit said in a statement. Analysts projected 32 cents a share, the average of estimates compiled by Bloomberg.

Intuit is also benefiting from an improving U.S. economy as more people start their own businesses boosting demand for accounting and financial programs, such as Quick Books and Quicken. Federal unit sales of TurboTax, its main consumer product, rose 11 percent. The company makes most of its money in the second and third quarters, ahead of the April 15 U.S. tax filing deadline.

Intuit has acquired companies to help spread profit and revenue across more of the year.