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QBES STAYS HOT IN SECOND QUARTER Featured

Rich Preece, IntuitIntuit did not break out numbers for QuickBooks Enterprise Solutions for its first quarter ended January 31. However, it reported that QBES revenue rose  by double-digits, according to this week' earnings webcast. 

 And the revenue for all desktop units appears to be a guide as indications are revenue for other desktop products has not shown growth. Revenue for all QB desktop products for most recently ended quarter was $395 million, an increase of 27.7 percent from $285 million a year earlier. In December, Rich Preece, the SVP who leads Intuit’s Small Business and Self-Employed Group, said QBES annual revenue was $450 million, and the prior month the company said there were 140,000 customer companies. The quarterly QBES results “further reinforces our interest in the mid-market customer with our QBO Advanced offering,” CEO Sasan Goodarzi said during the webcast. He noted the company expects desktop units to decline by single digits during fiscal 2019. Second-quarter desktop unit sales fell 4.2 percent to 183,000 from 191,000 for last year’s corresponding period. Desktop QB subscriptions rose to 394,000 for the most recently ended quarter, a rice of 7 percent from 364,000 a year ago. QBO Advanced debuted in August and is Intuit’s sort-of midmarket cloud product. It supports 30 users. The company had regular posted information on the new product on its Firm of the Future website. But it almost looks like the minute the press started writing about it the company decided to go quiet.

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