. That rate of growth outstripped the overall increase for revenue which was up 6.9 percent to $6.02 billion for the most recently ended period from $5.62 billion. Net income was $2.09 billion, rising 16.3 percent, from $1.79 billion a year ago. The company said the QBO increase was driven mainly by customer growth, higher effective prices, and mix-shift.” Desktop revenue also continue to experience strong growth hitting $280 million for the most recently ended period, a 39.1 percent rise from $201 million. During the company’s recent earnings webcast, CEO Sasan Goodarzi noted the quarter’s debut of the QuickBooks Business Network in January followed by a beta test of a bill payment application in May. Meanwhile, Intuit increase its revenue guidance for the year ended July 31, with total revenue expected to grow by 12 percent to 13 percent, compared to prior expectation’s annual growth of 10 percent to 12 percent.
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QBO REVS RISE 25 PERCENT Featured
Revenue for QuickBooks Online rose to $723 million for Intuit’s third quarter ended April 30, and increase of 25.1 percent from $578 million in last year’s corresponding quarter