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QBO Revs Rise 25 Percent in 2021

Intuit reported another booming year for QuickBooks Online, whose sales grow to just under $1.7 billion for the year ended July 30. That is an increase of 25.4 percent from $1.35 billion in fiscal 2020.

The company also said its QuickBooks Desktop products produced $789 million in revenue for the most recently ended year, rising 4.5 percent from the prior year. That included what executives described as a mid-single digit increase in sales of QuickBooks Enterprise Desktop, its mid-market onpremise application, for fiscal 2021.  The company mentioned QuickBooks Advanced, its mid-market cloud software, but provided no statistics on its sales.

The company’s fourth quarter showed net income of $380 million, down 14.6 percent from $445 million in last year’s corresponding period. A 41-percent hike in fourth-quarter revenue to $2.56 billion from $1.8 billion was helped by the delay of the income tax filing season through May 15. Intuit spent strongly in the quarter with sales and marketing expenses doubling to $825 million from $424 million a year earlier.

Net income for 2021 of $2.1 billion was 12.9 percent higher than the $1.8 billion for 2020. Intuit said 2021 sales were $9.6 billion, up 25.4 percent from $7.68 billion the prior year.

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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