Intuit Shares Plunge 19% on Q3 Revenue Miss, Announces 3,000 Job Cuts
INTU is trading near its 52-week low of $302.364 (1.8% above the low) on elevated volume (5.7× avg).
Summary
Intuit shares plunged 19% after the company reported Q3 revenue of $8.56 billion, which slightly missed analyst expectations. This significant market reaction follows the company's earlier announcement of a major restructuring, including a 17% workforce reduction impacting approximately 3,000 employees and up to $340 million in restructuring charges. While Intuit also raised its full-year guidance and authorized an additional $8 billion share buyback, the market is clearly focused on the revenue miss and the substantial operational changes. Analysts have begun trimming price targets, narrowing the range to roughly $360-$591.
At the time of this announcement, INTU was trading at $307.85 on NASDAQ in the Technology sector, with a market capitalization of approximately $84B. The 52-week trading range was $302.36 to $813.70. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Wiseek News.