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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.

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