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INTUIT HAPPY WITH RESULTS AS ONLINE BOOMS

In the quarter in which it has to make money, the period in which it sells a substantial part of its tax software products, Intuit reported a 34.1 percent increase in net income on an 8 percent rise in revenue for the second quarter ended January 31. And CEO Brad Smith pointed to strong growth in TurboTax online, Internet-based payroll and online banking as driving growth and pushing the company to raise its guidance for the year ending June 30.

Revenue rose to $837 million for the most recently ended period, up 8 percent from $773 million a year earlier. While product revenue dropped to $422 million from $433 million, a rise in revenue from services more than offset that. Services revenue for the second quarter was $415 million, up 22 percent from $340 million in last year's corresponding period. Net income rose to $114 million, from $85 million in the second quarter of fiscal 2009. The bottom line was helped by a $34 million gain from the sale of its Intuit Real Estate Solutions with earnings from continuing operations actually falling to $80 million from last year's $85 million net. Still, operating income from continuing operations rose to $136 in the most recently ended period, up 22.5 percent from $111 million.
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