Operating expenses fell to $540.6 million for the quarter just ended, down 6.3 percent from $576.8 million in last year's corresponding period. Block also reported a $9.7 million reduction in mortgage loan loss provisions.
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Block Revenue Drops As McGladrey Results Dip
H&R Block, which normally loses money outside of tax season, reported a loss of $128.6 million for the second quarter ended October 31 down from $135.9 million a year earlier as it cut operating expenses. The company saw revenue drop to $326.1 million, down 7.2 percent from $351.5 million, on weaker results in its business services segment, the RSM McGladrey business.
The company did not provide more specifics about RSM McGladrey, referring only to the decline in the business services segment. However, the accounting firm comprises all of that segment's operations. Meanwhile, tax services revenue rose to $109.3 million, up 4.4 percent from $104.7 million, a year ago.
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