H&R Block's fiscal second-quarter loss narrowed, aided by cost-cutting. Revenue climbed mostly because strong business during tax season in Australia.
The nation's largest tax preparation company typically turns in a loss in the August-to-October period because it takes in most of its revenue during the U.S. tax season. H&R Block's quarterly performance beat analysts' estimates and its stock hit the highest level in more than two years.
For the three months ending Oct. 31, H&R Block lost $105 million, or 39 cents per share. A year earlier it lost $142 million, or 47 cents per share, for the quarter.
Its loss from continuing operations was 37 cents per share. Analysts expected a bigger loss of 41 cents per share.
H&R Block, based in Kansas City, Mo., prepared 25.6 million tax returns worldwide in fiscal 2012.
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