Shrugging off the recent effects of its TurboTax issues, Intuit's stock rose on the sharp increase in the number of online subscribers on two key software products (QuickBooks Online and TurboTax Online).
Subscribers to Intuit’s QuickBooks Online accounting software jumped 50 percent in the quarter ended Jan. 31, faster than the 43 percent increase in the prior period, Mountain View, California-based Intuit said in a statement Thursday. Subscribers to TurboTax Online tax software rose 19 percent, the company said. In total, Intuit posted a second-quarter loss excluding some items of 6 cents a share on revenue of $808 million. The loss was narrower than the 13-cent loss estimated on average by analysts, with sales topping the projection of $786.9 million, according to data compiled by Bloomberg.