Revenue for Intuit’s QuickBooks Online hits $668 million for the first quarter ended October 30, up 28.7 percent from $519 million million a year ago. That growth was on top of the 5.8million QBO customers the software company reported for fiscal 2022. In this week’s earnings webcast, the company said the factors behind the increase stemmed from subscriber growth, higher effective prices and mix-shift.
Meanwhile, growth continued with QuickBooks desktop revenue which rose 16.9 percent to $312 million in the most recently ended period from $267 million a year ago. That category continued to be driven by sales of the desktop mid-market product, QuickBooks Enterprise. Intuit said its revenue grew by “mid-single digits”, a figure that has also described growth in past quarter.
The one dampening note was a drop in revenue of Credit Karma in the fast of rising interest rates and credit tightening in the general economy. For the most recently ended quarter, Credit Karma revenue reached $425 million, an increase of 1.6 percent from $418 million a year ago,
Credit Karma revenue was lower than expended and Intuit reduced its guidance of that business for fiscal 2023 to a 10-percent to 15-percent decline, in place of 10 percent to 15 percent growth.
For the quarter, Intuit reported net income of $40 million, down sharply from $228 million in last year’s corresponding period. Contributing to that drop was $49 million in interest expenses, as opposed to $7 million a year earlier,
The company had $2.6 billion in revenue for the quarter, a 24.9-percent increase from slightly more than $2 billion.
