Estimated reading time: 1 minute, 24 seconds

QBE: LAST DESKTOP STANDING Featured

Intuit announced QuickBooks Enterprise and again achieve revenue growth “in the low 20s” in terms of percentage growth the same week it said QBE will be the only desktop QB package sold to new customers after July 31.

After that, the company will only sell desktop version of QB to current purchases of the following: Pro Plus, Premier Plus, Mac Plus and Enhanced Payroll. In the final desktop chapter, QB helped the software company’s desktop QB business to achieve year-over-revenue growth of 14 percent for the first quarter ended October 31.  Desktop QB’s steady growth came as QB Online revenue rose by 22.3 percent over the same period.  CFO Sandeep Singh Aujla said in the recent earnings webcast that QB desktop revenue was also helped by price increases on multiple products in September “consistent with our principle to price for value”.  In addition, QBO growth was fueled by pricing action, along with adding more customers and a shift in the mix of versions sold. QBO posted revenue of $762 million in the quarter, compared to $623 million a year earlier. First-revenue revenue for QBO hit $2.85 billion, rising 25.7. percent from $2.27 billion. Services is the area where QBO growth outstrips desktop. Desktop services were flat at $1.17 billion. However, the same category for QBO reached $2.91. billion, a 34 percent rise form $2.17 billion. Overall, QBO ecosystem revenue shot past $5 billion, hitting $5.76 billion, up from $4.44 billion a year earlier. QBO services received a boost from MailChimp, payroll, payments, capital and time tracking. Overall, Intuit posted income of $241 million in the most recently ended period, up from $40 million. Revenue grew 15 percent to slightly less than $3 billion from $2.6 billion in last year’s corresponding period.

Read 282 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.