Summary
Intuit Inc. reported a net loss of $37 million for the third quarter of fiscal year 2014, a significant decline from a net income of $71 million in the same period last year. This was driven by a 12% year-over-year decrease in total net revenue, totaling $782 million. The company experienced revenue deferrals in its Consumer Tax and Professional Tax segments due to processing delays and product offering changes, impacting short-term financial performance. Despite the quarterly loss, the Small Business segment demonstrated resilience with an 8% increase in revenue, reflecting growth in its connected services like QuickBooks Online and payroll offerings. The company's long-term strategy remains focused on cloud-based solutions and mobile-first experiences. Intuit also continued its significant share repurchase program, spending $1.4 billion on buybacks in the first six months of fiscal year 2014, while maintaining a substantial cash and investment balance of $1.3 billion.
Financial Highlights
53 data points| Revenue | $711.00M |
| Cost of Revenue | $164.00M |
| Gross Profit | $547.00M |
| R&D Expenses | $186.00M |
| Operating Expenses | $602.00M |
| Operating Income | -$55.00M |
| Interest Expense | $8.00M |
| Net Income | -$37.00M |
| EPS (Basic) | $-0.13 |
| EPS (Diluted) | $-0.13 |
| Shares Outstanding (Basic) | 284.00M |
| Shares Outstanding (Diluted) | 284.00M |
Key Highlights
- 1Reported a net loss of $37 million for the quarter, compared to net income of $71 million in the prior year's comparable quarter.
- 2Total net revenue decreased by 12% to $782 million year-over-year.
- 3The Small Business segment showed strength with an 8% revenue increase, driven by QuickBooks Online and payroll services.
- 4Significant revenue deferrals in Consumer Tax and Professional Tax segments impacted quarterly results.
- 5The company repurchased $1.4 billion of its common stock in the first six months of the fiscal year.
- 6Cash, cash equivalents, and investments totaled $1.3 billion as of January 31, 2014.