Intuit to Cut 17% of Workforce Amid Mixed Q3 Results, Raises Full-Year Guidance
INTU is trading near its 52-week low of $342.105 (0.6% below the low).
Summary
Intuit reported mixed fiscal Q3 2026 results, with revenue slightly missing analyst estimates at $8.56 billion but adjusted EPS beating expectations at $12.80. Crucially, the company announced a significant 17% reduction in its workforce, which will incur approximately $300 million to $340 million in restructuring charges. This news follows an earlier 10-Q filing that reported strong Q3 results and an $8 billion share repurchase authorization, but did not detail the workforce reduction or the specific revenue miss. The company also raised its full-year revenue guidance to $21.341 billion-$21.374 billion, indicating 13-14% growth. The substantial workforce cut, while a cost-saving measure, signals a significant operational restructuring for the $106 billion market cap company, likely aimed at improving efficiency and profitability amidst a slight revenue miss and the stock trading near 52-week lows. Investors will closely monitor the impact of these strategic changes on future financial performance and growth.
At the time of this announcement, INTU was trading at $339.99 on NASDAQ in the Technology sector, with a market capitalization of approximately $106.2B. The 52-week trading range was $342.11 to $813.70. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Reuters.