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North America
Intuit expects third-quarter profit to fall short of Wall Street estimates as it ramps up marketing and customer support spending during the peak U.S. tax season, sending its shares down about 4% in after-hours trading. The company forecast adjusted earnings of $12.45-$12.51 per share for the quarter ending April 30th, below analysts’ expectations of $12.95. Intuit said the increased spending is aimed at attracting more customers to its TurboTax and QuickBooks products and boosting growth in assisted tax services. Revenue is expected to rise about 10% in the third quarter, roughly in line with market estimates. The tax season, which runs through April 15th, is typically Intuit’s strongest period. For the second quarter, revenue climbed 17% to $4.65bn, beating expectations of $4.53bn.
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