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QBO U.S. SUBS UP 25 PERCENT Featured

Intuit this week said the number of new customers in the United States for QuickBooks Online for the nine months ended April 30 was 25-percent higher than in the prior year. The company made the statement in a two-paragraph filing with the SEC. Intuit said the figures exclude sales of QuickBooks Self-Employed.

This filing amended a May 11 statement that new business for QBO in this country had risen above pre-pandemic levels. Intuit does not break out number of subscribers or geographic results in its financial reports. However, QBO revenue for the nine months ended April 30 was $1.23 billion, up 25 percent from $989 million in last year’s corresponding period. I assume the recent report represented a further analysis of the third-quarter financials. Whatever the case, Intuit can’t be leaving much air in the room for online accounting software competitors. By comparison, Xero reported that for the year ended March 31, its North American subscriber base rose 18 percent year-over-year and remember when Intuit did report unit numbers a couple of years ago, Xero’s smaller rate of increase is on a much smaller base.

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