G&A, R&D Costs Nip Intuit 2Q Profits

Tax and financial software provider Intuit Inc. said that a double-digit rise in general and administrative costs, plus higher research and development expenses, trimmed second-quarter profits by roughly 1 percent, to $147.3 million, compared with the prior-year quarter. For the period ended Jan. 31, Intuit said that systemwide revenue rose nearly 5 percent, to $662.6 million, compared with the second quarter of last year. Intuit also said that its latest quarter had a $1.6 million loss stemming from discontinued operations, copmpared to a loss of about $455,000 for its last fiscal second quarter. With regard to the performance of its business units, Intuit said that consumer tax revenue rose 9 percent, to $141.1 million; professional tax revenue hit $150.6 million, a drop of 4 percent, while its flagship QuickBooks product climbed 10 percent, to $222.3 million.