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INTUIT’S QBE UP DOUBLE-DIGITS Featured

QuickBooks Enterprise desktop revenue rose “low-double digits” for the second quarter ended January 31, Intuit said this week. And the semi-mid-market software package helped desktop QB revenue rise by 5.7 percent over all for the most recently ended period.

Intuit does not break out QBE revenue but overall QB desktop sales hit $169 million for the most recently ended period, up from $160 million a year ago. What Intuit did not do during its executive presentations was talked about QuickBooks Online Advanced, its cloud-based mid-market package. QBE sales were attributed to strong customer growth and price increases, according to a prepared statement by CFO Michelle Clatterbuck, whose remarks were read during this week’s earnings webcast by CEO Sasan Goodarzi because Clatterbuck lost her voice. The comments noted all desktop products have been moved to a subscription model, which will hold down growth in the second half of fiscal 2022. Meanwhile, QBO revenue jumped to $546 million, an increase of 35.1 percent from $404 million in last year’s corresponding period. Notably, online services exceeded QBO revenue with the former hitting $574 million, almost double $240 million for the second quarter of FY 2021. Desktop services and supplies have exceeded desktop product revenue for some time. That total was $291 million for second quarter this year, rising 6.2 percent from $274 million a year.

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