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Intuit Reports First-quarter Results


Intuit today shared results for its first quarter of fiscal year 2013 which ended Oct. 31. Executives discussed the company’s financials and offered their commentary on a conference call today with Wall Street analysts.

Here is what they covered on the call:

Quarterly revenue was $647 million, up 12 percent from last year. Small business reported strong revenue growth, led by Demandforce and customer growth in Payments and QuickBooks Online. Acquired in May 2012, Demandforce boasted subscriptions up more than 60 percent for the quarter.

“Our cloud-based subscriptions are really leading the way,” said Neil Williams, Intuit’s chief financial officer. “All of our Small Business segments delivered double-digit growth.”

Executives also reiterated full-year revenue guidance and set guidance for the second quarter. Neil Williams also provided revenue and earnings per share guidance for the third and fourth quarters.
With the approach of tax season, executives outlined Intuit’s game plan for the season. TurboTax products for 2012 begin rolling out Nov. 23. Williams elaborated on the season in a broadcast for employees, watch it here.

“Our value proposition remains highly relevant, even in economic downturns,” said Brad Smith, Intuit president and chief executive officer. “We remain confident in our ability to deliver double-digit growth with margin expansion in fiscal year 2013 and beyond.”

Prepared remarks and a replay of the conference call are available on Intuit’s website:

This post includes forward-looking statements, including revenue and earnings guidance and the ability to deliver continued growth and margin expansion. 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 2012 and our other SEC filings.

Diane Carlini

Diane manages Intuit's financial and M&A communications. When she's not talking about stock prices or growth strategies, she enjoys spending time at the beach with her family.

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