Intuit said revenue for QuickBooks Online rose by 41 percent for the first quarter ended October 30. QBO had $306 million in revenue for the most recently ended period, compared to $217 million a year earlier.

The company said that increase was largely owing to customer growth. Overall, income reported net income of $57 million, an increase of 40.4 percent from $34 million in last year’s corresponding period. Revenue rose 14.7 percent to $1.66 billion, up from slightly more than $1 billion in the first quarter of fiscal 2019. Intuit also grew total international online revenue over 60 percent and spotlighted its success in the United Kingdom. “We now hold the number one position for cloud accounting subscribers,” CEO Sasan Goodarzi said. That would mean that QBO subscribers have exceeded Xero subs in the country. Desktop QB revenue, including license sales and subscriptions, grew to $239 million in the recently ended quarter, rising 4.8 percent from $228 million a year earlier. Goodarzi said the driver continues to be QuickBooks Enterprise Solutions. 

Last modified on Thursday, 28 November 2019
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