Intuit said it has sold its largest data center to H5 Data Centers as it aims to speed up its move to the cloud.
The company said that it is selling its data center in Quincy, Washington to H5, which operates data centers.
Intuit is among the higher profile software vendors moving to Amazon Web Services. Intuit noted that AWS was able to handle peak tax season traffic and that gave it confidence to get out of the data center business.
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According to the company, the data center sale will result in a operating loss of $75 million to $85 million. The hit to earnings will be offset by tax benefits from the sale.
The company also revised its fourth quarter operating income outlook, but reiterated its previous outlook. Intuit sees fourth quarter revenue of $940 million to $960 million with non-GAAP earnings of 22 cents a share to 24 cents a share.
For fiscal 2018, Intuit is projecting revenue of $5.91 billion to $5.93 billion with non-GAAP earnings of $5.51 to $5.53 a share.