By Kimberly Chin
Intuit Inc. posted lower profit in the fiscal second quarter as costs and expenses rose, but it saw 11% revenue growth in its small business and self-employed group business.
The maker of financial management tools TurboTax, QuickBooks and Mint posted a net profit of $20 million, for the quarter ended Jan. 31, lower than the $240 million it reported in last year's second quarter a year ago. Earnings were 7 cents a share, down from 91 cents a share a year earlier.
On an adjusted basis, Intuit had earnings of 68 cents a share, one cent ahead of analysts' expectations, according to a FactSet poll.
Total net revenue slipped to $1.58 billion from $1.7 billion a year ago. Analysts were looking for $1.57 billion in revenue.
Small business and self-employed group revenue rose to $1.1 billion.
Costs and expenses rose 12% from a year ago to $1.6 billion.
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(END) Dow Jones Newswires
February 23, 2021 16:40 ET (21:40 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.