Intuit puts venerable Quicken up on the block
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.
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