Intuit Reports Wider Net Loss

Intuit Inc. posted a wider net loss after charges, but beat analysts’ expectations for operating profit in the fiscal first quarter. The company also raised its operating earnings guidance for the fiscal year ending in September 2002 to $280 million to $290 million, from $275 million to $285 million.

The maker of QuickBooks small-business accounting software and the Quicken family of personal finance products had a net loss of $92.4 million, or 44 cents a share, for the quarter ended Oct. 31. It had a net loss of $33.7 million, or 16 cents, a year earlier. Intuit shares rose 11 cents to close at $41.82 on Nasdaq.