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Intuit Posts 13.5-Percent Revenue Growth

A 28-percent rise in sales of QuickBooks Online helped Intuit to double-digit revenue growth for Intuit’s first quarter ended October 30. The software company this week reported a nearly 3.5-percent rise in net income on a 13.-5 percent increase for the most recently ended period.

 CEO Sasan Goodarzi said trends have improved substantially since the beginning of the COVID-19 pandemic.

“We continue to see recovering trends across our platform with many QuickBooks indicators back to pre-pandemic level,” he said.

Net income reached $198 million for the most recently ended period, up from $57 million a year earlier. Intuit helped the bottom line by cutting operating expenses to $1.11 billion, a decline of 3.5 percent from $1.16 billion. Revenue rose to $1.32 billion from $1.17 billion in last year’ corresponding period.

QBO revenue reached $392 million, rising from $306 million. Desktop QuickBooks revenue for the quarter was $241 million, an increase of .8 percent from $239 million. 

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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