Intuit Posts Beat, Raises Guidance; CEO Says 3,000 Cuts Weren’t About AI
Intuit reported fiscal third-quarter revenue of $8.6 billion and adjusted earnings of $12.80 a share, both slightly ahead of estimates, and raised its full-year outlook, including adjusted EPS of $23.80 to $23.85 versus a prior range of $22.98 to $23.18. The company had earlier disclosed plans to cut about 3,000 jobs, or 17% of its workforce, and shares extended postmarket losses to 11%.
Revenue rose 10% from a year earlier, and Intuit lifted its fiscal 2026 revenue forecast to $21.34 billion to $21.37 billion from $21.0 billion to $21.19 billion. Chief Executive Officer Sasan Goodarzi said the workforce reduction was not about AI but reflected fewer management layers, reduced duplication after the TurboTax and Credit Karma integration, and a resizing of Mailchimp; Intuit expects $300 million to $340 million of restructuring charges in the fourth quarter, and Goodarzi said most savings would go to margin expansion and EPS growth.
From the sources (25 posts)
@firstsquawkINTUIT TO CUT 3200 JOBS
@gurgavin*INTUIT TO LAYOFF 17% OF ALL IT’S EMPLOYEES $INTU
@wallstengineTax-prep and financial software company Intuit $INTU reportedly sent a memo to employees saying it plans to LAY OFF more than 3,000 workers, or about 17% of its workforce.
@stockmktnewzIntuit $INTU reportedly just sent a memo to its workforce telling them that the company plans to LAY OFF 17% OF ITS WORKFORCE
@zerohedgeINTUIT TO LAY OFF 17% OF WORKFORCE: MEMO Initial claims about to print new record low
@deitaone$INTU - INTUIT TO LAY OFF ABOUT 17% OF WORKFORCE, MEMO SHOWS
@negligible_cap*INTUIT TO CUT 17% OF JOBS TO STREAMLINE OPS, FOCUS ON AI: RTRS $INTU doing layoffs too now – they report after close. $INTU employees 18K people, so just over 3K layoffs. Shares down 4%
@andrewcurran_Intuit is laying off 17% of its workforce to streamline operations and to focus on its AI efforts, according to an internal memo seen by Reuters this morning.
@thestalwart*INTUIT TO CUT 17% OF JOBS TO STREAMLINE OPS, FOCUS ON AI: RTRS
@techmemeInternal memo: Intuit is laying off about 17% of its workforce, or about 3,000 employees worldwide, to streamline operations and focus on its key bets (Reuters) (Visit Techmeme dot com for the link and full context!)
@zerohedgeAI Purge Accelerates: Intuit Reportedly Slashing 17% Of Workforce
@layoffaiLAYOFF ALERT: INTUIT 🚨 The parent company of QuickBooks, TurboTax, Mailchimp and Credit Karma just cut 3,000 jobs (~17%). Stated reason why? AI. Obviously. The company has signed deals with Anthropic and OpenAI to integrate their AI mode
@negligible_capIn July of 2024, $INTU announced a 10% layoff, or almost 2000 employees, citing the need to accelerate investment in AI. Since the July 2024 layoffs, INTU is down around 40%. Today $INTU announced additional layoffs of 17% of the workforce
@macroedgeresIntuit is laying off about 17% of its workforce, or about 3,000 employees #MacroEdge
@businessIntuit Inc. is cutting about 17% of its staff, or about 3,000 workers, Reuters reported, citing an internal company memo.
@polymarketJUST IN: Intuit to reportedly lay off 3,000 workers, cutting 17% of its staff.
@unusual_whalesBREAKING: Intuit, $INTU, is laying off about 17% of its workforce, or about 3000 employees worldwide
@stocktwitsIntuit is reportedly laying off 17% of its workforce (~3,000 employees) as it looks to focus on AI. $INTU also reports earnings after the close. Join the conversation on Stocktwits:
@yahoofinanceThe TurboTax and QuickBooks owner is restructuring operations and increasing its focus on artificial intelligence initiatives.
@zerohedge*INTUIT SEES 4Q ADJ EPS $3.56 TO $3.62, EST. $3.15
@alphasenseinc$INTU Earnings: - Grew total revenue to $8.6 billion, up 10 percent. - Grew Consumer revenue to $5.3 billion, up 8 percent. Increased TurboTax revenue to $4.4 billion, up 7 percent, and Credit Karma revenue to $631 million, up 15 percent.
@zerohedge*INTUIT SEES FY ADJ EPS $23.80 TO $23.85, SAW $22.98 TO $23.18
@unusual_whalesBREAKING: Intuit, $INTU, earnings: - EPS: $12.8 , est: $12.57 - Revenue: $8.55 billion, est: $8.54 billion
@stocktwits$INTU falls on a double beat in earnings
@zerohedge*INTUIT SHARES EXTEND POSTMARKET LOSSES TO 11%