This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Intuit Connected Services By The Numbers (Graphic: Business Wire)

Just four years ago, about 17 million people used products hosted on Intuit Inc. (Nasdaq: INTU) servers, contributing about half of the company’s revenue. Today, 45 million customers rely on Intuit’s connected services offerings, generating almost two-thirds of the company’s revenue – strong evidence of its rapid and successful transformation to a leading provider of cloud-based services.

Validating this strong position, Brad Smith, Intuit president and chief executive officer, outlined an evolving connected services strategy that builds on the company’s position in cloud-based services, and provides mobile and data services for consumers and small businesses. Smith shared details of the strategy at Intuit’s annual Investor Day, which also included presentations from Chief Financial Officer Neil Williams and several business segment leaders.

The company also reaffirmed its full year and first quarter guidance for fiscal 2013.

“Over the last four years, we’ve met the challenge to innovate in a social, mobile and global world. Most important, our strategy put Intuit in position to win big in a connected services economy,” Smith said. “Building on this momentum, and capitalizing on the ubiquity of mobile, the richness of our data sets and the power of community, we are ready to usher in the next phase of great at Intuit.”

Accelerating Connected Services: A Three-point Plan

Intuit’s assets, ecosystem and innovation engine uniquely position the company to take advantage of emerging market trends – an increasingly borderless world, the prevalence of mobile devices and the scalability of the cloud – to continue solving the unmet needs of small businesses and consumers.

Its evolving growth strategy includes three key elements: awesome product experiences, enabling the contribution of others and using data to delight.

Awesome Product Experiences

Intuit remains committed to its heritage of customer-driven innovation and creating an entrepreneurial environment where small teams innovate to delight customers, Smith said. Intuit estimates that more than $100 million in fiscal 2012 revenue came from products that didn’t exist three years ago, a 10-fold increase from two years ago. Awesome product experiences drive active use and positive word of mouth – the company’s No. 1 source of new customers. As part of this effort, Intuit plans to create more stand-alone mobile applications. Two current mobile innovations include:
  • Snap Payroll, the latest innovation from Intuit’s Employee Management Solutions group, which allows small businesses to quickly calculate taxes and withholdings so they can pay their employees with confidence.
  • Intuit Fasal, offered in India, which helps more than 1 million farmers get the best prices on their crops by delivering text messages that provide prices at local markets.

Enabling the Contributions of Others

The second strategic element includes tapping into the innovations and contributions of customers, partners and third-party developers. Harnessing the power of many, the company can address new customer problems and personalize and localize customer experiences better and faster. Current and new examples include:
  • Live communities, where customers can get questions answered by other customers about everything from special tax circumstances to competitive pay for employees. These online communities have been part of products including TurboTax, QuickBooks and Mint for several years. Today, they reach more than 10 million users, and have answered more than 25 million questions.
  • The Intuit Partner Platform, which allows third-party developers to integrate their services with QuickBooks data. There are 130,000 third-party developers in the Intuit ecosystem serving more than 2.9 million registered users. In addition, Intuit is opening the application programming interfaces to its financial data service in the U.S. and Canada, creating a unique opportunity for third-party developers to build new and innovative financial solutions.
  • QuickBooks Online, which is now available to small businesses around the world. Built on the existing platform, the global product taps into the power of community by inviting customers and third parties to further localize the product in numerous ways, from language translation to tax analysis.

“We have come to appreciate that we are operating in a world where we alone cannot solve all of our customers’ problems,” said Smith. “We are finding new ways to open our products and platforms so that our customers and third-party software developers can help us add value to our products, even while we sleep.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FB $118.64 0.90%
GOOG $700.20 1.00%
TSLA $243.15 0.99%
YHOO $36.57 -0.08%
AAPL $93.81 0.08%


Chart of I:DJI
DOW 17,897.22 +123.58 0.70%
S&P 500 2,080.56 +15.26 0.74%
NASDAQ 4,814.73 +39.3720 0.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs