Intuit reported a stellar third quarter and delivered $1 billion in revenue over three months for the first time.
Fueled by tax season, Intuit reported net income of $367 million, or $1.04 a share, on revenue of $1.15 billion. It also upped its outlook for the next quarter.
But what sticks out is the QuickBooks business, which serves as the de facto enterprise resource planning suite for smaller businesses.
- QuickBooks revenue was up $155 million, up 22 percent from a year ago.
- Intuit is on track to move more than 1.6 million QuickBooks units this year. "Many people thought QuickBooks was out of gas after Y2K, when we sold a little over 900,000 units," says Inuit CEO Stephen Bennett.
- QuickBooks Enterprise Edition is now a $50 million business.
- QuickBooks Online Edition has more than 100,000 subscribers. "We’ve continued to get better at our execution on our web as a channel," said Bennett.
And there's more growth ahead. Intuit notes that 60 percent of small businesses use manual methods--pencil, paper and spreadsheets--to keep their books.