Document Management

Intuit expects to add about 1 million new subscribers for QuickBooks Online for the year ending July 30. The company projects the level will hit 3,275,000 to 3,375,000 subscribers in the current fiscal year. That is up 27.2 percent over the 2,383,000 at the end of fiscal 2017, which itself was up 58 percent from the 2016 totals.

In this week's webcast for the release of 2017 earnings, CEO Brad Smith told financial analysts he sees no let up in double-digit growth for the small business financial products, including QuickBooks Self-Employed. Smith pointed to the millions of small business around the world as providing a market that will not be saturated for years.

"We have 800 million prospects and 2.3 million customers, so we have a long way to grow," Smith said. The shift from desktop to cloud applications also continues to provide room for growth. "The shift to the cloud has put all decisions back up for consideration," he said

For the year just ended the company saw growth in the top and bottom lines. Net income from continuing operations rose to $971 million for fiscal 2017, an increase of 20.5 percent from $806 million the prior year. Results for 2016 included $173 million in revenue from discontinued operations. Revenue hit $5.18 billion for the most recently ended year, a 10-percent rise from $4.69 billion for fiscal 2016.

Smith noted QBO grew both inside and outside the United States reaching 500,000 in other countries on July 31. That is a 75-percent increase over the end of fiscal 2016 which was up 45 percent over 2015. The number of subscribers topped the 100,000 mark in each of three countries—Australia, Canada and the United Kingdom.

• Prev
• Next