Intuit Beats Q3 Estimates, Raises FY2026 Outlook After 3,000-Job Cut
Intuit beat analyst estimates for its fiscal third quarter and raised its full-year outlook on Wednesday, after earlier announcing plans to eliminate about 3,000 roles, or 17% of its workforce. Revenue rose 10% to $8.6 billion, above the $8.54 billion estimate, while adjusted earnings per share were $12.80, topping the $12.57 consensus.
The company lifted its fiscal 2026 revenue forecast to $21.34 billion to $21.37 billion from $21.0 billion to $21.19 billion and raised adjusted EPS guidance to $23.80 to $23.85 from $22.98 to $23.18. Fourth-quarter adjusted EPS was projected at $3.56 to $3.62, above the $3.15 estimate, and Intuit said the workforce reduction would result in $300 million to $340 million of restructuring charges in the quarter. Consumer revenue rose 8% to $5.3 billion, Credit Karma revenue increased 15% to $631 million and Global Business Solutions revenue climbed 15% to $3.3 billion.
From the sources (19 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 $INTU announced additional layoffs of 17% of the workforce
@macroedgeresIntuit is laying off about 17% of its workforce, or about 3,000 employees #MacroEdge
@businessIntuit Inc. is cutting about 17% of its staff, or about 3,000 workers, Reuters reported, citing an internal company memo.
@polymarketJUST IN: Intuit to reportedly lay off 3,000 workers, cutting 17% of its staff.
@wallstengine$INTU Q3 EARNINGS HIGHLIGHTS 🔹 Revenue: $8.6B (Est $8.54B) 🟢; +10% YoY 🔹 Adj. EPS: $12.80 (Est $12.57) 🟢 🔹 TurboTax Live Revenue: Expected to grow 36% to $2.8B for FY26 🔹 TurboTax Live Customers: Expected to grow 38% 🔹 TurboTax Online ARPU
@unusual_whalesBREAKING: Intuit, $INTU, earnings: - EPS: $12.8 , est: $12.57 - Revenue: $8.55 billion, est: $8.54 billion
@alphasenseinc$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.