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Late Forms Cut Intuit’s Tax Pro Revenue

Revenue for Intuit’s ProConnect Group was hurt by a delay in forms availability, the software company said this week. Intuit reported revenue for that segment dropped by 8 percent for the second quarter ended January 31.

 

ProConnect Group revenue reflects sales of ProConnect Tax Online, Lacerte and  ProSeries. The total fell to $207 million for the most recently ended quarter, down from $224 million a year ago.

Meanwhile, the delay of the start of tax season to February 12 took a chunk out of revenue for the second quarter. Revenue for the Consumer Group, which includes TurboTax sales, dropped 71 percent to $177 million from $499 million in last year’s corresponding period. Intuit expects to recoup that as the season progress and to end the year on July 31 with revenue for the group by 9 percent to 10 percent over last year.

Overall, net income of $20 million, a sharp drop from $240 million a year earlier. Revenue for the second quarter was $1.58 billion, down  7 percent from slightly less than $1.7 billion a year earlier.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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