Estimated reading time: 1 minute, 1 second

QB DESKTOP REVS GROW Featured

Brad Smith, IntuitRevenue for QuickBooks desktop continued to grow during Intuit’s third quarter ended January 31. The numbers on the company’s reports do not show that result. But CEO Brad Smith said during this week’s earnings webcast that is because of accounting rules.

Intuit had marketed a discontinued version of QuickBooks that enabled those who bought the software at retail to choose remaining with the on-premise version or becoming an online subscriber. Because of accounting rules “We had to defer revenue recognition until the third quarter last year,” he said. If that figure is backed out of the total for fiscal 2017, the sales of desktop unit was up 9 percent, which was the same increase as in the second quarter. The reported figures show desktop revenue of $169 million, a 5.5-percent increase from $160 million. Basic math tells me backing out the 'Chooser' revenue gives $155 million. During the first-quarter earnings call, Smith said the increased revenue comes from sales of QuickBooks Enterprise Solutions. The company did not repeat that statement for the second quarter. However, CFO Michelle Clatterbuck cited growth in QBES during the Morgan Stanley Technology, Media & Telecom Conference this year. A spokesperson also said that QBES is "a driving force" in the most recent desktop results.

Read 1083 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.