Intuit Shares Up on Strong Guidance

Payroll and payments revenue rose 16% year over year to $149.4 million in the quarter. QuickBooks accounting software revenue grew 8% to $148.7 million.

Much of the quarter's growth came from Intuit's push into Web-based services for its traditional product lines, such as QuickBooks and TurboTax, as well as acquired services.

The company plans to expand its QuickBooks online features and services in the next few months, Smith said.

QuickBooks software caters to small businesses. While several software-as-a-service providers address the mid-market and up, Intuit has the online small-business market for accounting software largely to itself.

Microsoft(MSFT Quote) recently announced it was discontinuing its comparable Money software line for small businesses.

Smith said he has not observed any move by competitor Sage Software, which sells Peachtree small-business accounting software, into on-demand services.