Intuit (INTU) Cuts 17% Workforce, Shares Fall 13% in After-Hours

AI Summary

Intuit (INTU) announced a 17% workforce reduction, affecting over 3,000 employees. In extended trading, shares dropped 13%. The restructuring is set to incur charges between $300 million and $340 million, primarily in the current quarter. In its fiscal third quarter, Intuit posted adjusted earnings per share of $12.80 on $8.56 billion in revenue, slightly missing analyst expectations. Despite these challenges, Intuit raised its fiscal 2026 EPS forecast to $23.80-$23.85, indicating a potential long-term growth strategy.