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Intuit has grown market share in consumer tax preparation in the current tax season, the company said this week. And CEO Sasan Goodarzi said TurboTax Live, via which consumers can get advice from tax professionals, is a factor.

Goodarzi made his comments during the webcast for earnings for the second quarter ended January 31. He said one driver of the ability of Intuit to growth share is “the traction of TurboTax Live.” He continued, “We expect continued accelerated growth with TurboTax Live.”

It was a good quarter with Intuit reporting net income of $240 million, an increase of 27 percent from $189 million in last year’s corresponding period. Revenue for the most recently ended quarter rose 13 percent to slightly less than $1.7 billion, up from $1.5 billion.

Consumer revenue, primarily TurboTax software, reached $499 million, an increase of 8.2 percent from $461 million. ProTax revenue was $224.8 million for the period, also an 8 percent increase

QuickBooks Online continued strong growth with revenue of $330 million, increasing 42.9 percent from $231 million. QuickBooks Desktop revenue was $165 million, up 7.1 percent from $154 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
Last modified on Tuesday, 25 February 2020
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