QuickBooks Online revenue shot up 41 percent for the first quarter ended October 31. Intuit said during its recent earnings webcast for the most recently ended period, there was  $306 million in revenue for the most recently ended period, up from $217 million a year earlier.

The increase came largely from adding new customers with factors such as pricing changes have a much smaller impact.

For the quarter, Intuit reported net income of $57 million, which was 40.4-percent higher than the $34 million in last year’s corresponding period. Revenue was reported at $1.66 billion, rising 14.7-percent from slightly more than $1 billion in the first quarter of fiscal 2019.

International online revenue also had significant growth; 60-percent higher than a year ago. CEO Sasan Goodarzi highlighted QBO’s success in the United Kingdom. 

“We now hold the number one position for cloud accounting subscribers,” Goodarzi said during the webcast. That would mean that QBO subscribers have exceeded Xero subs in the country. Desktop QB revenue, including license sales and subscriptions, grew to $239 million in the recently ended quarter, rising 4.8 percent from $228 million a year earlier. Goodarzi said the desktop driver continues to be QuickBooks Enterprise Solutions. 

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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