On Tuesday, the tax preparation software company reported better-than-expected third quarter earnings and raised its outlook, amid investor fears that a simplified tax code proposed by President Trump would be bad for its business. Among the reasons for the rosier forecast was an increase in self-employed members of the so-called gig economy, a boon for QuickBooks.
Earlier this year, Intuit introduced a bundled version of QuickBooks and TurboTax targeting freelancers, which helped drive its stronger results. Intuit has partnerships with Uber Technologies Inc., Lyft Inc., TaskRabbit and other companies that have networks of freelance workers, offering them big discounts for the software.
Intuit Chief Executive Brad Smith told analysts on a conference call that these types of workers are more than a third of the workforce, and expected to be 43% by 2020.
“And these individuals have complexity,” he noted. “They have to separate their personal and business expense, and then in the case of the United […]