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.