Ivy Lessner
Also in the on-demand software category, QuickBooks Online is growing 50% year over year, said Brad Smith, general manager of the small business division. The service now has 100,000 customers, up from 25,000 in 2005.
"We believe we have more online accounting customers than everyone else put together," Bennett said. The software maker shows its strongest net earnings in the first half of the calendar year, after tax season winds down, with the first and fourth fiscal quarters typically the slowest. Excluding items, for the first or coming quarter, Intuit sees revenue in the range of $426 million to $441 million, and an EPS loss of 12 cents to 14 cents, which was in line with consensus of an EPS loss of 13 cents. Revenue was shy of analysts' expectations of $450.5 million. Intuit expects fiscal 2008 revenue in the range of $3 billion to $3.05 billion and full-year EPS, less items, of $1.59 to $1.61. Analysts had been expecting a top line of $3.04 billion and EPS of $1.60. The company also named Smith to succeed Bennett as president and CEO, effective Jan. 1. Bennett, will remain on the board. "The timing is right for Brad and for me," said Bennett. "We had eight solid seasons in a row. Brad is ready, and I'm ready to take some time off and explore" new opportunities.
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