Small Business Group Revenue Up 18 Percent, Driven By Demandforce and Strong Growth in Online Customers
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU) today announced financial results for its first fiscal quarter, which ended Oct. 31, and reiterated guidance for the full fiscal year 2013.
Unless otherwise noted, all growth rates refer to the first fiscal quarter versus the comparable prior-year quarter. Where applicable, business metrics and associated growth rates refer to worldwide business metrics.
First-quarter 2013 Highlights
• Increased total revenue 12 percent, to $647 million.
• Attracted online customers; Demandforce subscribers grew by more than 60 percent, while QuickBooks Online subscribers grew 29 percent.
•Increased Small Business Group revenue 18 percent overall, including Payment Solutions revenue growth of 21 percent.
• Grew QuickBooks Online to more than 20,000 paying customers outside the U.S., with free trials in over 150 countries.
• Reiterated guidance for full fiscal year 2013, including revenue growth of 10 to 12 percent.
one untold story is that Intuit IT spend is way out of line. This group spends avg of 18% of revenue about $450mil employing 1100 staff. this is good proof the company is not managed well and hard to trust this company can grow top line revenue by investing in growth and hence risky buy. I am not sure why board and shareholders don't look closer into this.