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INTUIT BOOMS IN THE CLOUD Featured

Brad Smith, IntuitA flurry of bad press about Intuit's TurboTax applications has ended up as sound and fury and you know the rest. Intuit rolled on with its online applications for the second quarter ended January 31 with results headed up. "Our financial results are strong. The growth of QuickBooks Online subscribers is continuing to accelerate," CEO Brad Smith said during this week's earnings webcast.

Revenue hit $808 million an increase of 3 percent from $782 million in last year's corresponding period. Among cloud apps the number of subscribers for QBO rose to 841,000, up 50 percent from 561,000 in the second quarter of fiscal 2014 and the number was up 102,000 over the first quarter of this fiscal year. An Intuit fact sheet showed the "total online ecosystem" produced $175 million in revenue for the most recently ended quarter, up 26 percent compared to $139 million a year earlier, putting the total at 21.7 percent of revenue. The total number of QuickBooks customers was up 20 percent with desktop sales down by 10 percent. Intuit normally loses money in this non-tax season quarter and its loss was $66 million, compared to $37 million a year ago. However, there was growth across most product lines. Online payments charge volume was up 20 percent; online payroll customers were up 23 percent while DemandForce customers rose by 18 percent.

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