Today we announced financial results for our third fiscal quarter, which ended April 30. The company recorded third-quarter total revenue of $1.9 billion. Our executives discussed the results with investors on a conference call earlier today. Here are some highlights from that call:
A Closer Look at The Tax Season
Consumer Tax revenue grew 11 percent for the fiscal year to date, with 7 percent growth in paid units for the season.
“With the tax season over, we’ll assess our main growth drivers and apply that knowledge as we look toward next tax season,” said Brad Smith, Intuit’s president and chief executive officer.
“We continue to be at the center of the shift to digital tax preparation, which grew at 5 percent this year. We have 25 million active TurboTax customers and a target base of about 40 million more filers who would consider using software to prepare their taxes,” Smith said.
Small Business Succeeds With Connected Services
Revenue for the Small Business Group, Intuit’s largest business, increased 11 percent for the quarter. QuickBooks Online subscribers grew 31 percent and the Online Payroll subscriber base growing 19 percent.
“Our connected services strategy is thriving as more small businesses turn to the cloud,” said Smith.
Looking Ahead
Intuit also updated full fiscal year 2012 guidance for revenue growth to 9 to 10 percent.
“Looking ahead, we are innovating across our businesses to provide connected services and mobile solutions which will contribute to our long-term growth,” said Smith.
Prepared remarks and a replay of the conference call are available on Intuit’s website: http://investors.intuit.com/events.cfm.
This post includes forward-looking statements. There are a number of factors that could cause Intuit’s results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2011 and our other SEC filings.
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