Intuit Shares Fall Amid Earnings Concerns

Intuit Inc. shares fell 6.3% amid concern that the personal-finance software maker’s earnings in its fiscal second half may be less than expected. The maker of Quicken software fell $3.13 to close at $46.75 on Nasdaq. Intuit has been trying to even out the cyclical nature of its business, which is heavily dependent on its TurboTax tax-preparation software. Revenue from TurboTax fell in the second quarter ended last month, typically its strongest period, and Intuit’s Internet business has yet to boost earnings and ease the company’s dependence on its “shrink-wrapped software.” Company executives also are “bracing themselves for an aggressive launch” of H&R; Block’s TaxCut tax-preparation software, said analyst Bill Burnham of Piper Jaffray Inc. Menlo Park-based Intuit reported that second-quarter profit from continuing operations fell to $47.0 million, or 95 cents a diluted share, from $50.9 million, or $1.07, a year earlier. Revenue fell 2.6% to $237.5 million from $243.8 million. The results exclude revenue from the Parsons Technology unit, which Intuit sold last year.