Intuit fourth quarter revenue up 12 percent to $634 million

Intuit fourth quarter revenue rose 12 percent to $634 million.

Fourth quarter ended on July 31.

Intuit revenue from the small business Group increased 13 percent, led by Demandforce, which was acquired in May 2012.

QuickBooks Online subscribers rose 28 percent to 487,000, with subscribers outside the U.S. growing 80 percent to 32,000.

In fiscal year 2013, Intuit revenue rose 10 percent to $4.2 billion.

Operating income in fiscal year 2013 increased 6 percent to #1.23 billion.


The small business group revenue grew 16 percent, driven by strong adoption of connected services.

The company grew mobile usage nearly 300 percent in the 2012 tax season.

64 percent of revenue came from connected services.

At $1.5 billion, software as a service amounted to 37 percent of total revenue.

“Fiscal 2013 has been a year of exciting wins, as well as some challenges. We posted strong growth in Small Business, but fell short of our expectations in Consumer Tax,” said Brad Smith, Intuit’s president and chief executive officer.

In anticipation of the next chapter of growth, Intuit updated its connected services strategy and reorganized business units and functional groups.

These organizational changes have transformed Intuit from a portfolio of businesses into an ecosystem of small businesses, consumers, and accountants, who build durable competitive advantage by working together.

For fiscal 2014, the company expects revenue growth of 6 to 8 percent.

Business Segment Results

Total Small Business Group revenue grew 13 percent for the quarter and 16 percent for the year, including Demandforce. Connected services offerings continued to attract online small business customers.

Financial Management Solutions revenue increased 18 percent for the quarter and 20 percent for the year. Adjusted for the May 2012 acquisition of Demandforce, FMS revenue increased 13 percent for the quarter and 10 percent for the year.

Employee Management Solutions revenue grew 12 percent for the quarter and 12 percent for the year, driven by 18 percent growth in Online Payroll subscribers for the year.

Payment Solutions revenue grew 7 percent for the quarter and 14 percent for the year, driven by fee structure changes and higher total card transaction volume. Worldwide merchant customers grew 13 percent for the year.

Consumer Tax grew 4 percent for the year, driven by 4 percent growth in paid federal units.

Accounting Professionals revenue grew 6 percent for the year due to customer growth, price increases and higher QuickBooks Premier Accountant Edition revenue.

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