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Intuit officials have announced that QuickBooks Online subscribers grew by 50 percent during the company’s second quarter.

Leaders reported that the company had stellar financial numbers in all areas for the quarter, which ended Jan. 31.intuit

“We delivered a strong quarter, exceeding our company financial targets across the board,” said Brad Smith, company president and chief executive officer. “Our Small Business online ecosystem momentum continues to build, with steady subscriber growth again this quarter. On the heels of this performance, we’re raised our QuickBooks Online subscriber guidance for this fiscal year.

“Overall, early indicators and unit results show our tax strategy is on track. While we faced some initial challenges as a result of a change to our desktop product lineup, we took swift action in response to our customers’ feedback. While doing so, we continue to take proactive measures to navigate a heightened sense of concern about tax fraud in the American tax system.

“Beyond these challenges, we are inspired by the opportunities in front of us and we remain deeply committed to accelerating both customer and revenue growth across the company.”

Intuit leaders say that during the second quarter, the company:

  • Added more than 100,000 QuickBooks Online subscribers versus the previous quarter, bringing the total number of paying subscribers worldwide to 841,000.
  • Completed the acquisitions of Arcede and ZeroPaper to help fuel QuickBooks Online international ecosystem growth.
  • Launched QuickBooks Self-Employed, designed for the rapidly expanding population of free-lancers.
  • Delivered total revenue of $808 million, up 3 percent and driven by ongoing acceleration to the cloud.
  • Increased total TurboTax units 11 percent through Feb. 14, versus the comparable prior-year period.

In issues related to small-business owners:

  • The total number of paying customers for QuickBooks grew by 20 percent.
  • QuickBooks desktop ecosystem revenue declined by 10 percent as the firm continued to focus on online solutions.
  • Total small-business segment revenue declined 1 percent for the quarter, in line with company expectations.

Related to the small-business online ecosystem:

  • Total QuickBooks Online subscribers grew 50 percent, up from 43-percent growth in the previous quarter.
  • QuickBooks Online subscribers outside the United States were up more than 170 percent, to 127,000, in line with last quarter’s rapid growth.

Sansone Accounting & Tax is a provider of accounting and QuickBooks services. Sansone is known for guiding clients through planning and preparation decisions to minimize tax liabilities and help increase business efficiency. Whether it is questions about QuickBooks or new business taxes, the firm prides itself on being available to play a major role in supporting financial, record-keeping and tax-planning issues. To schedule an appointment with one of Sansone’s certified public accountants, call (815) 459-4300.