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.
