Intuit Inc announced that its second quarter revenues for the 2006 fiscal year had increased 15 percent over last year's numbers, to $742.7 million.
The company said that growth was driven by strong sales of QuickBooks software and add-on solutions and TurboTax products and services. Revenue growth also benefited from changes in the TurboTax offering and pricing, which shifted approximately $35 million of revenue into the second quarter that in prior years would have been recognized in the third quarter. Without the timing shift, Intuit estimated revenue would have increased 9 percent.
"Intuit delivered another strong quarter and we're on track for another strong year," said president and chief executive officer Steve Bennett, in a statement. "Our two largest businesses -- QuickBooks and TurboTax -- continued to perform very well as we successfully execute strategies to expand our customer base and solve more of our customers' needs."
Other second quarter highlights, compared to the year-ago quarter, included:
- Net income of $184.9 million, up 26 percent;
- QuickBooks-related revenue of $259.0 million, up 16 percent;
- Consumer Tax revenue of $190.3 million, up 35 percent (due to changes in TurboTax offerings, though discounting those changes, revenue would still have increased 10 percent); and,
- Intuit-Branded Small Business revenue of $69.6 million, up 15 percent.
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