Citing drops in its core QuickBooks revenue and typical seasonal losses during the first quarter, Intuit Inc. posted a loss of $68 million versus $52 million for the prior year for the period ended October 31.
The software provider said that systemwide revenues over the opening quarter rose 2 percent, to $493 million, compared with the year-ago period.
Revenue for the companys Financial Management Solutions unit, which includes its core QuickBooks software, dropped 7 percent to $134 million. Intuit said its QuickBooks revenue in the first quarter reflects promotional pricing during the final months of QuickBooks 2009 edition.
Meanwhile the companys Employee Management Solutions group reported a 9 percent climb in revenues, to $97 million, and its Payment Solutions channel rose 4 percent, to $75 million.
Intuits solid revenue and operating results give us a good start to the fiscal year, with our most important quarters ahead of us, said Intuit president and chief executive officer Brad Smith. We continue to see growth in our core businesses and are making progress in building out adjacent businesses.
During the quarter, Intuit acquired personal finance site Mint.com.
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