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QBES GROWTH ACCELERATES

Even as Intuit reported that unit sales of consumer versions of QuickBooks for the year ended July 31 dropped below fiscal 2008 levels, sales of QuickBooks Enterprise Solutions have accelerated. For fiscal 2010, there were 45,000 active QBES users, up 21.6 percent from 37,000 for fiscal 2009 and the latter figure was up 12 percent from 33,000 in fiscal 2008. Since active users are those on maintenance unless Intuit had a banner year in selling maintenance, then unit sales took off.
There had been a lot of discounting, particularly a 30-percent-off offer that appeared on the Web site for some time. Meanwhile, sales of paid QuickBooks units for the most recently ended year hit 1.587 million, down 1.6 percent from 2009’s 1.613 million and from 2008’s 1.597 million. During yesterday’s fourth-quarter earnings conference call, CEO Brad Smith said in an earnings conference call that about one third of QBES purchases are now coming from customers who aren’t migrating upwards from another QuickBooks package—from traditional midmarket software products. Total QB revenue grew 6 percent over FY 2009, rising to $611 million for the year just ended, up from $579 million a year earlier. Smith told analysts QBES and QuickBooks Online revenue helped counter the overall unit decline. He also said that “We’ve gotten much smarter about discounting".
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