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Intuit to Cut 17% of Workforce Despite Strong Revenue Growth
(MENAFN) Intuit has announced plans to reduce its global full-time workforce by 17% as part of a broader restructuring effort, even as it posted stronger-than-expected quarterly financial results, according to reports.
The financial technology company, known for products such as TurboTax, QuickBooks, Credit Karma, and Mailchimp, reported a 10% year-on-year rise in revenue to $8.6 billion for the three months ending April 30, corresponding to its third fiscal quarter of 2026.
Earnings also increased, with GAAP diluted earnings per share rising 11% to $11.09 and non-GAAP diluted earnings per share climbing 10% to $12.80, based on company data.
Despite the strong performance, the company said the job cuts are aimed at simplifying its organizational structure and making operations more streamlined and efficient. The restructuring is expected to result in charges between $300 million and $340 million, most of which will be recorded in the fourth fiscal quarter ending July 31, 2026.
Chief Executive Officer Sasan Goodarzi said the results were driven by the company’s AI-focused strategy and growth across key segments, including assisted tax services, its financial ecosystem, and mid-market business operations.
He added that the company is continuing to scale its growth areas while redesigning its structure to improve execution speed and support long-term expansion.
Intuit also raised its full-year outlook for fiscal 2026, projecting revenue between $21.34 billion and $21.37 billion, representing expected growth of roughly 13% to 14%, according to reports.
The financial technology company, known for products such as TurboTax, QuickBooks, Credit Karma, and Mailchimp, reported a 10% year-on-year rise in revenue to $8.6 billion for the three months ending April 30, corresponding to its third fiscal quarter of 2026.
Earnings also increased, with GAAP diluted earnings per share rising 11% to $11.09 and non-GAAP diluted earnings per share climbing 10% to $12.80, based on company data.
Despite the strong performance, the company said the job cuts are aimed at simplifying its organizational structure and making operations more streamlined and efficient. The restructuring is expected to result in charges between $300 million and $340 million, most of which will be recorded in the fourth fiscal quarter ending July 31, 2026.
Chief Executive Officer Sasan Goodarzi said the results were driven by the company’s AI-focused strategy and growth across key segments, including assisted tax services, its financial ecosystem, and mid-market business operations.
He added that the company is continuing to scale its growth areas while redesigning its structure to improve execution speed and support long-term expansion.
Intuit also raised its full-year outlook for fiscal 2026, projecting revenue between $21.34 billion and $21.37 billion, representing expected growth of roughly 13% to 14%, according to reports.
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