Intuit Q1 strong with 2.55 million QuickBooks Online subscribers
Intuit ended its fiscal first quarter with 2.55 million QuickBooks Online subscribers as its earnings and sales handily topped expectations.
The company reported a first quarter loss of 7 cents a share on revenue of $886 million, up 14 percent from a year ago. Non-GAAP first quarter earnings were 11 cents a share. Wall Street was expecting non-GAAP first quarter of 5 cents a share on revenue of $856.2 million.
Just like last quarter, Intuit got a boost from QuickBooks Online Self-Employed additions. Intuit said self employed QuickBooks Online additions were 425,000.
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By the numbers:
- Intuit's small business and self-employed group reported revenue growth of 17 percent with 170,000 QuickBooks Online subscribers.
- QuickBooks Online subscribers outside the U.S. were up 70 percent.
- The consumer unit saw revenue grow 7 percent. Intuit also launched TurboTax Live and grew the Mint partner base.
As for the outlook, Intuit said second quarter revenue will be $1.16 billion to $1.18 billion, up 14 percent to 16 percent, with non-GAAP earnings of 31 cents a share to 34 cents a share.
For fiscal 2018, Intuit projected revenue of $5.64 billion to $5.74 billion, up 9 percent to 11 percent, with non-GAAP earnings of $4.90 a share to $5 a share. QuickBooks Online subscribers will be 3.27 million to 3.37 million.
At Intuit's strategy day in October, the company outlined its plan for QuickBooks Online growth and adjacent opportunities. Intuit also plans to leverage artificial intelligence, data and automation for small businesses. Indeed, Intuit has a unique position with its ecosystem.
Internally, Intuit is also migrating its core services to Amazon Web Services to speed up development, processing and capacity. Here's Intuit's self assessment and how it is using the Net Promoter Score (NPS) as a key metric.