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INTUIT’S QB ONLINE BOOMS

Brad Smith, IntuitIntuit’s switch to online products was in full force for the first quarter ended October 30. The number of QuickBooks Online units sold rose to 399,000, an increase of 29.1 percent over 309,000 a year earlier.

That came as the sale of desktop QuickBooks units fell to 202,000, down 6.5 percent from 216,000 in last year’s corresponding period. However, the number of desktop subscribers rose to 166,000 from 125,000. Meanwhile, during this week’s earnings conference call, CEO Brad Smith said that Intuit had $70 million in mobile revenue during fiscal 2012 and expects that to increase by 50 percent for fiscal 2013. Still, the number of small business customers stagnated, falling to 5.1 million during the most recently quarter after hitting 5.2 million in each the two prior quarters and being stuck at 5.1 million for least the five quarters before that. Overall, the quarter was a good one for Intuit as its revenue rose by 12 percent and its loss dropped in a period in which tax software provides little income. The loss fell to $19 million from $64 million while revenue rose to $647 million, up from $575 million.

 

 

 

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