Intuit chock full of moving parts

Summary:Intuit reported its fiscal fourth quarter results and detailed more than a few moving parts. Moving part 1: CEO Steve Bennett is stepping down.

Intuit reported its fiscal fourth quarter results and detailed more than a few moving parts.

Moving part 1: CEO Steve Bennett is stepping down. Little explanation was given other than he wanted to "take some time off and explore the next challenge in my life." Worth noting: Bennett has been at the helm for 8 years and given CEOs work on dog years that comes out to be about 56 years for you and me. He posted stellar results while leading Intuit.

Moving part 2: Brad Smith takes over as CEO January 1. Smith is current vice president and general manager of Intuit's small business unit. 

Moving part 3: Intuit also said it will spend $300 million in capital expenditures in fiscal 2008 with a big chunk of that spending going to new data centers.

As far as the results go, Intuit delivered a solid fourth quarter, generally its weakest. Intuit reported fourth quarter revenue of $432.7 million, up 31 percent, with a net loss of $13.6 million. Those results were better than expected, but the outlook was light relative to estimates. Intuit projected earnings excluding charges of $1.59 a share to $1.61 a share on revenue of $3 billion to $3.05 billion, a sum that would be up 12 percent to 14 percent from 2007.

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Topics: Data Centers, Enterprise Software, Linux, Operating Systems, Software

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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