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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.

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