Revenue for the quarter was $2.67 billion, an increase of 69.5 percent from $1.58 billion in last year’s corresponding period. Without the contributions from those two operations, growth was still a strong 39 percent. Similarly, revenue for the Small Business and Self-Employed Group revenue grew 24 percent without $240 million from Mailchimp, based on QuickBooks Online revenue of $546 million which was 35.1-percent higher than the $404 million in last year’s corresponding period. With Mailchimp, the unit reported a 47-percent increase in revenue to $1.6 billion. During the webcast, CEO Sasan Goodarzi discussed plans to integrate Mailchimp with QuickBooks. He said priorities there including combining customer data with access to both platforms. In addition, that plans include pursuing more mid-market companies—an area that Intuit has begun pursuing with QBO Advanced. Finally, the combination will bring a greater emphasis on international operations as half of Mailchimp’s business is outside the United States. The technical work to integrate the platforms has begun. “We have inserted some of our best product people in Mailchimp, Goodarzi said. He expects first results of these efforts will start becoming visibile in a year.
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INTUIT REVS JUMP WITH M&A Featured
The acquisition of Credit Karma and MailChimp pushed Intuit’s results to another level for the second quarter ended March 31. Net income for the most recently ended quarter was $100 million, four times the $20 million a year earlier.
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