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.