TurboTax Software Demand Increases Intuit Profit
Intuit Incorporated announced a twenty percent rise in quarterly profits, as demand for their TurboTax Software grows. However,the firm appeared to show a loss on it’s fourth-quarter profit income and profit outlook. Intuit states it expects an overall loss of ten to twelve cents a share on an estimated income of between $683 million to $713 million for the fourth quarter.
The company initially forecast an estimated loss of between two and four cents a share on an income between $710 million to $720 million.
The company is based in Mountain View, California and the majority of its revenue is earned in the second and third quarters, when people invest in TurboTax Software during the run-up to the tax season.
The tax-filing season was later this year, hence the demand for TurboTax Software was delayed. Intuit relied on the third quarter to boost their yearly income.
Intuit’s net income amounted to $984 million or $3.39 a share, during the third quarter ending April 30, in comparison to $822 million and $2.71 a share in the previous financial year. Overall, income rose by around fourteen percent to $2.39 billion.
The company announced TurboTax Software sales were up, as many citizens opted to file TurboTax online.