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QB ROLLS ON DESPITE ECONOMY

Brad SmithEven in a down economy, and with help from some serious discounting, Intuit managed to squeeze out an increase in QuickBooks units for the first quarter ended September 30. Let's start with the mid-market QuickBooks Enterprise Solutions. It had 39,000 active users at the end of the quarter, an increase of 14.7 percent from 34,000 a year. (Active users are those on maintenance).

That's not bad considering the drop in revenue for traditional mid-market vendors. Meanwhile, the retail QB line had another 312,000 units purchase and that's up from 267,000 for last year's corresponding period. During yesterdays' conference call, an analyst asked Intuit CEO Brad Smith if Microsoft's discontinuing Quicken and Small Business Accounting will have any impact on Intuit's results. The not surprising answer was "no." First quarter revenue was $493 million, up 2.4 percent from $481 million a year earlier while the loss of $68 million, compared to $52 million in red ink in last year's corresponding quarter. Intuit generally loses money outside of tax season. Smith said he still expects revenue growth of 4 percent to 8 percent for FY 2010. And while he believes the economy has bottomed, he does not detect any improvement in the consumer mood or an uptick in new business formation.
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