Intuit's Loss is Good(?) News for Investors
Intuit, maker of TurboTax, Quicken, and QuickBooks software, posted a fourth quarter loss from operations of 4 cents per share, but overall earnings for the fiscal year ended July 31 are up 35%, and shareholders are cheering. The stock surged to $49 per share Tuesday, after languishing at around $35-$40 per share in recent months. Stock in the software company has risen 73% in the past 12 months.
Forecasters had predicted a loss of 8 to 9 cents per share for Intuit's fourth quarter, so the final news was encouraging. Typically the company's revenue surges during the winter months when sales of TurboTax and MacinTax software occur.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.