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INTUIT REGISTERS STRONG 3Q Featured

IntuitThe only thing standing between Intuit and growth in net income for the third quarter ended April 30 was taxes. The company had operating income of $1.4 billion, a rise of 12.4 percent in the third quarter of fiscal 2016. After taxes, that dropped to earnings of $964 million, down 6 percent from slightly more than $1 billion in last year's corresponding period.

Revenue reached $2.54 billion for the most recently ended period, an increase of 10.3 percent from $2.30 billion a year earlier.Business clicked on all fronts, although CEO Brad Smith was disappointed the company did not gain market share in the consumer tax business. He noted the company aims for a 1-percent gain each year. "We're exiting this season with strong financial results, although generated in ways that were different than we had expected," he said during the week's earnings webcast. Based on its strong than expected sales of QuickBooks Online, the company raised its projected subscriptions level to 2.3 million for the year ending July 31. Smith said the company had success in using its TurboTax business to stimulate subscriptions to QBO. The fastest-growing area was QuickBooks Self-Employed, which had 360,000 subscriptions at the ended of the quarter, up from 75,000 a year earlier. The company also has TurboTax Self-Employed, which Smith said contributed 160,000 subscribers to QBO.

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