QuickBooks Online added more than 1 million subscribers for the year ended July 31. That is a pace the Intuit software package has maintained over the last few quarters.

The only difference is the base is big enough, the percentage or increase is less. Intuit’s release of financial results for fiscal  2019 showed 4,536,000 subscribers on July 31, up 32.9 percent from the 3,412,000 for fiscal 2018. The fastest growth came internationally with subscriptions outside the United States rising to 1.3 million, rising 58 percent. No numbers were broken out but QB Enterprise revenue kept its pace of double-digit growth in the fourth quarter. In the recent earnings webcast, CEO Sasan Goodarzi said the web-based entry in the space, QBO Advanced, was doing well but that it is “still early days” and provided no detail. Meanwhile, the desktop version showed growth with 763,000 desktop units sold in the recently completed year, a 1.8-percent increase from 749,000. I the past few quarters, Intuit has said sales of QBE have been responsible for rising QB desktop sales and while it did not make that statement this time, it seems probably QBE was behind desktop growth. Desktop subscriptions grew faster, up 7.2 percent to 413,000 from 385,000. QBO revenue hit $980 million for fiscal 2019, rising 41 percent from $695 million the prior year. Online services revenue totaled $683 million, a 33.7-percent increase over $511 million year-to-year. For FY 2019, Intuit reported net income of $1.56 billion, up 17.2 percent from $1.33 billion for FY 2018. FY 2019 revenue was $6.78 billion, rising 11.9-percent from slightly more than $6 billion the prior year.

Last modified on Monday, 26 August 2019
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