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INTUIT'S QUICKBOOKS ENTERPRISE SURGES

Brad Smith, IntuitIntuit's QuickBooks Enterprise Solutions showed the largest sequential growth in its history for the fourth quarter ended July 31, at least since the company stopped reporting units sold to showing active subscribers. The company ended 2012 with 71,000 QBES subscribers, up 7,000 from the third quarter and up from 57,000 at the end of fiscal 2011.
Generally, sequential increases have been 2,000 or 3,000 a quarter. Whatever the reasons, QBES is not a large enough business to have been discussed during this week's fiscal 2012 webcast. Meanwhile, all QuickBooks units sold for 2012, 1,575,000, were only 3,000 more than in 2011. That reflects a continuing shift from desktop to online applications as there were 362,000 QuickBooks Online subscriptions on July 31, an increase of 27.8 percent from 283,000 a year earlier. Back out the online numbers and that means desktop, including QBES dropped to 1,213,000 units from 1,289,000 in 2011 and you can subtract out that 14,000 increase for QBES for fiscal 2012 meaning that the more traditional desktop QB units fell about 7.4 percent. CEO Brad Smith pointed to the growing part that connected services, which includes online, plays in his company's results. Intuit reported numbers for the year ended July 31. The company reported $792 million in net income, 25-percent increase from $634 million for fiscal 2011. Revenue for the most recently ended year was $4.15 million, up 10 percent from $3.77 million a year earlier. Intuit turned a $4 million net profit for the fourth quarter, compared to a loss of $57 million in last year's corresponding period. That's much better that looks as in that non-tax season quarter, Intuit usually loses money. Smith noted the number of online payroll subscribers was up 19 percent and driven by its mobile GoPayments app, Intuit's payments customer base rose by 13 percent.

 

 

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