Intuit Set to Slash 17 Percent of Workforce Despite Stronger Revenue

(MENAFN) Financial technology giant Intuit announced Wednesday it would eliminate 17% of its full-time workforce through a sweeping restructuring, even as the company reported robust quarterly earnings that surpassed prior-year figures across key financial metrics.

Intuit, the US-based parent company of TurboTax, QuickBooks, Credit Karma, and Mailchimp, posted a 10% year-on-year revenue increase to $8.6 billion for the three months ended April 30 — the company's third fiscal quarter of 2026.

The earnings picture was equally strong: GAAP diluted earnings per share climbed 11% from the same period last year to $11.09, while non-GAAP diluted earnings per share rose 10% to $12.80, according to the company's financial disclosures.

Intuit said the workforce reduction was designed "to simplify its organizational structure and become a faster, leaner, more focused company." The company anticipates restructuring charges of between $300 million and $340 million, with the bulk expected to land in the fourth fiscal quarter ending July 31, 2026.

CEO Sasan Goodarzi struck an optimistic tone despite the cuts. "We delivered strong third-quarter results, driven by our AI-driven expert platform strategy," Goodarzi said in a statement, adding that the company had "ignited significant growth engines" spanning assisted tax services, its money portfolio, and its mid-market business division.

"As we look ahead, we are further scaling our growth engines and architecting an organization that operates with greater velocity to deliver durable long-term growth," he added.

Intuit also lifted its full fiscal year 2026 revenue outlook, now projecting annual revenue of between $21.34 billion and $21.37 billion — reflecting anticipated growth of roughly 13% to 14%.

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