Intuit Q1 revenue up 12.2% to $532m

The company is expecting net revenue to be between $920m and $940m in Q2 2011

Business and financial software company Intuit has reported net revenues of $532m for the first quarter of fiscal year 2011, an increase of 12.2% as compared to $474m of the year-ago quarter.

Revenue from product grew 5.4% to $216m, compared to $205m, and service and other revenue increased by 17.5% to $316m, compared to $269m of Q1 FY10.

For the first quarter ended 31 October 2010, the company registered an operating loss of $104m as compared to an operating loss of $100m of the same period last year.

Intuit posted a net loss of $70m and loss of $0.22 per diluted share, compared to a net loss of $68m and loss of $0.21 per diluted share in the first quarter of fiscal year 2010.

For the second quarter of fiscal 2011, the company is expecting net revenue to be between $920m and $940m, and net income to be in a range of $0.24 and $0.28 per diluted share.