TurboTax maker Intuit continued to cash in on the rise of the “gig economy.”
Intuit kept on taking advantage of the rise of the “gig economy,” with the demand from freelancers and small-business owners for its tax and accounting software program helping the organization deliver fiscal third-quarter results that trounced expectations.
According to Financial Times, Income at the company bounced 15 percent to $2.92bn in the three months to end of April, topping Wall Street’s forecast for $2.8bn.
The increases were driven by development across both its self-employed unit and small-business and its consumer group division, where its TurboTax software is used to help individuals file IRS tax returns.
QuickBooks self-employed subscribers remained at 683,000 at the end of the quarter, compared to the 360,000 a year ago, driving a 45 percent increase in total QuickBooks subscribers to 3.2m in the quarter.
