During the recent webcast for earnings for the quarter, executives mentioned the cloud-based mid-market entry, QuickBooks Online Advanced, but said nothing specific about its performance. Total QB Desktop revenue was $7 89 million for fiscal 2021, an increase of 4.5 percent from the prior year. Meanwhile, strong growth continued for QuickBooks Online, whose sales grow to just under $1.7 billion, an increase of 25.4 percent from $1.35 billion in fiscal 2020. Intuit reported net income for the most recently ended quarter was $380 million a decrease of 14.6 percent from $445 million a year ago. Revenue for the quarter reached $2.56 million, up 41 precent from $1.8 billion a year ago . The company doubled sales and marketing expenses to $845 million from $424 million. Net income for 2021 of $2.1 billion was 12.9 percent higher than the $1.8 billion for 2020. Intuit said 2021 sales were $9.6 billion, up 25.4 percent from $7.68 billion the prior year.
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QBES SALES UP “MID-SINGLE DIGITS” Featured
QuickBooks Enterprise Solutions, the mid-market product from Intuit, appears to continue to drive what growth there is in the desktop QB market. Intuit used the phrase “mid-single digits” to describe the rate of increase in revenue for QBES for the year ended July 31.