Intuit yesterday announced that it would sell its Quicken unit, the group that creates the personal finance software that made the company famous.
The news — and Intuit management’s explanation for the sale — illustrated the retreat of personal computer desktop software and the rise in cloud- and subscription-based services. It also distressed users, who wondered whether the banking and investment software would survive, and if not, how they would replace a program they’ve relied on for years, sometimes decades.
On a conference call with Wall Street analysts Thursday, CEO Brad Smith said Intuit would focus on its small business and tax software, represented by QuickBooks and TurboTax, respectively — both have strong cloud- and subscription-based businesses — and is ditching Quicken because, as a strictly desktop product, it has neither.
- Intuit will sell off Quicken, its once core, 30-year-old personal finance software (venturebeat.com)
- Intuit to sell Demandforce, QuickBase, and Quicken (please sell @paycycle to make it good again!) #makerbusiness (adafruit.com)
- Intuit shares fall on earning miss, weak forecast (usatoday.com)
- Intuit to Sell Pioneering Quicken Program (ww2.cfo.com)
- Intuit shares dive to 6-month low on earnings miss, plan to divest Quicken (bizjournals.com)