Intuit Trims Sales and Profit Forecasts

Intuit Inc. cut its sales and profit forecasts for its fiscal third quarter and the year, saying the slumping economy hurt its main sales season.

Revenue this year is expected to rise to $1.65 billion to $1.69 billion, Intuit said. Profit, excluding certain costs, could increase to $1.30 to $1.35 a share. The firm had forecast profit of $1.38 to $1.42 on sales of $1.71 billion to $1.77 billion.

Profit per share, excluding some costs, is expected to be $1 to $1.03 this quarter, compared with a $1.08 average forecast of analysts surveyed by Thomson Financial. Sales will be $630 million to $660 million, compared with a forecast of $692.8 million.

The stock dropped as low as $42.60 in extended trading after the report. The shares had closed up 45 cents at $50.89 on Nasdaq.