Intuit Inc. posted fourth quarter revenue of $651 million, up 14 percent from a year ago, with 64 percent of its overall revenue coming from connected services, compared to 50 percent during the year-ago period in 2011.

Net income for the accounting and small business software developer was $4 million during the fourth quarter, compared to a net loss of $57 million in the same quarter last year.

Also of note, Intuit delivered 14 percent higher revenue in its Small Business Group, driven by increased adoption of mobile and cloud services and higher revenue per customer. Total Small Business Group revenue grew 19 percent for the quarter, led by continued strength in Employee Management Solutions and Payment Solutions groups.

In addition, Financial Management Solutions revenue increased 17 percent for the quarter and 11 percent for the year. Adjusted for the acquisition of Demandforce, FMS revenue increased 9 percent for the quarter and the year.

Intuit also reported that QuickBooks Online subscribers grew 28 percent for the year and that QuickBooks Online and Enterprise Solutions continued to drive higher revenue per customer and overall revenue growth in this segment. Customer adoption of direct deposit payroll services continued to improve and Online Payroll subscribers grew 19 percent during the year.

Meanwhile, revenue from the company’s Accounting Professionals revenue grew 8 percent for the quarter and 6 percent for the year.

“Our results and our outlook reflect the steady strength of our core businesses and Intuit’s resilience in the choppy macroeconomic environment,” said Intuit president and chief executive Brad Smith. “Intuit is benefitting from a secular shift to digital solutions, and we remain confident about future growth. With the right strategy, a strong portfolio, sound financial discipline and a dedicated team, we expect to deliver another strong year.”

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access