Intuit Posts Wider Loss, Meets Expectations

Intuit Inc. (INTU), maker of the No. 1 U.S. tax presentation software TurboTax (search), on Wednesday posted a wider quarterly loss from a year earlier after taking a goodwill impairment charge during its seasonally weaker fourth quarter.

Shares of Intuit traded slightly lower after hours at $38.98 after closing on Wednesday at $39.09 on Nasdaq (search). The shares are down about 26 percent on the year.

The Mountain View, Calif.-based company posted a fourth-quarter net loss of $42.1 million, or 22 cents per share, compared with a net loss of $24.7 million, or 12 cents, a year earlier.

Revenue for the fourth quarter was $275.9 million, compared with $245.1 million a year earlier.

The company said its fourth quarter net results included a goodwill impairment charge of $18.7 million, or 10 cents per share, for its public sector business management solutions business.

Intuit posted a pro forma fourth quarter loss of $11.4 million, or 6 cents per share. The company said these results reflected a lower share count in the fourth quarter.

Analysts polled by Reuters were expecting revenue of $271.7 million and a loss, excluding items, of 7 cents.