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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.

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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