Intuit to cut 17% of full-time workforce despite strong quarterly results

Financial technology company Intuit said Wednesday it will cut 17% of its full-time workforce as part of a restructuring plan despite reporting stronger quarterly revenue and earnings.

The US-based company, which owns TurboTax, QuickBooks, Credit Karma and Mailchimp, said revenue rose 10% year-on-year to $8.6 billion in the three months ending April 30, defined as the third quarter of fiscal 2026.

GAAP diluted earnings per share increased 11% from a year earlier to $11.09, while non-GAAP diluted earnings per share rose 10% to $12.80, according to the company’s financial results.

Intuit said the workforce reduction is intended “to simplify its organizational structure and become a faster, leaner, more focused company.”

The company expects to incur restructuring charges of about $300 million to $340 million, primarily during its fourth fiscal quarter ending July 31, 2026.

“We delivered strong third-quarter results, driven by our AI-driven expert platform strategy,” CEO Sasan Goodarzi said in a statement.

Goodarzi said the company had “ignited significant growth engines” across several areas, including assisted tax services, its money portfolio and mid-market business segment.

“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 raised its fiscal 2026 guidance, saying it now expects annual revenue between $21.34 billion and $21.37 billion, representing growth of around 13% to 14%.