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QB ONLINE REVS JUMP 33.4% Featured

 Intuit’s QuickBooks Online continued its substantial growth with revenues from the product line rising 33.4 percent for the year ended July 31. QBO revenue increased to $2.37 billion for fiscal 2022 from slightly less than $1.7 billion for fiscal 2921.

That came as overall results received boosts from Credit Karma and the more recently acquired MailChimp. Intuit reported net income of $2.07 billion million for the most recently ended year, compared to net income of $2.06 billion the prior year. Total revenue reached $12.73 billion last year, rising 32 percent from $9.63 billion the prior year. Excluding MailChimp, the total increased by 24 percent. QB Desktop revenue for 2022 was $851 million, an increase of 7.9 percent from $789 million for 2021. Desktop growth continued to be fueled by sales of QuickBooks Enterprise with Intuit’s prepared statement noting “QuickBooks Desktop Enterprise revenue grew low double digits in fiscal 2022, driven by price increases and customer growth.” Credit Karma revenue jumped to $1.81 billion for 2022 from $865 million for 2021, but there was no revenue included for the first quarter last year. Revenue for the third quarter year increased 48 percent year-over-year and 17 percent year-over-year for the fourth quarter.

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