By Kimberly Chin
Intuit Inc. swung to a profit in the fiscal fourth quarter as sales rose 83% due to strength across all of its segments as consumers, small businesses and the self-employed flocked to its products following a delayed tax season due to the Covid-19 pandemic.
"After seeing an impact on small businesses from shelter-in-place during the third quarter, we saw trends across our business improve during the fourth quarter," Intuit Chief Executive Sasan Goodarzi said.
The company said it saw a pick-up in its do-it-yourself category and had the "strongest customer growth in four years."
The maker of financial management tools TurboTax, QuickBooks and Mint posted a net profit of $445 million, or $1.68 a share, for the three-month period ended July 31, compared with a loss of $44 million, or 17 cents a share, in the year-earlier quarter. On an adjusted basis, Intuit had earnings of $1.81 a share. Analysts polled by FactSet expected an adjusted earnings of $1.11 a share.
Total net revenue rose to $1.82 billion from $994 million a year ago. Analysts were looking for $1.56 billion in revenue.
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