US Top News and Analysis | Intuit plans to cut workforce by about 17% as tax software maker reckons with slowing growth
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Intuit announced it will cut roughly 17 % of its full‑time workforce – about 3,000 jobs – as part of a restructuring aimed at “operating with greater velocity” and delivering longer‑term growth. The layoff, which will generate $300 million‑$340 million in charges largely in the current quarter, comes after the company reported fiscal‑third‑quarter earnings of $12.80 per share on $8.56 billion of revenue, just shy of analysts’ expectations, with revenue growth slowing to 10 % year‑over‑year. Despite a 9 % rise in net income to $3.06 billion, Intuit’s shares have fallen more than 40 % this year, reflecting investor concerns that artificial‑intelligence advances could erode demand for its tax and finance software. The company plans to consolidate teams, close offices in Reno and Woodland Hills, and streamline operations after integrating TurboTax, Credit Karma, and scaling back its Mailchimp activities.
Read more: https://www.cnbc.com/2026/05/20/intuit-intu-q3-earnings-report-2026-company-cutting-17percent-of-staff.html
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