Intuit reported third-quarter results for the quarter ended April 30 with total revenue up 10% to $8.6 billion and non-GAAP diluted earnings per share up 10% to $12.80, exceeding the high end of guidance and Wall Street consensus. The company raised its full-year outlook above the prior top end of guidance across revenue and every non-GAAP metric. GAAP results also would have cleared consensus and the top end of guidance except for a restructuring charge. Intuit announced plans to cut about 3,000 jobs from its 18,200-person global workforce and wind down offices in Reno, Nevada, and Woodland Hills, California, following a prior 2024 reduction. The company cited three strategic priorities: scaling an AI-native platform, becoming a center of money for consumers and businesses, and winning the mid-market, while offering U.S. employees severance benefits including 16 weeks of base pay plus additional weeks by years of service.
"For the quarter ended April 30, the maker of TurboTax, QuickBooks, Credit Karma and Mailchimp grew total revenue 10% to $8.6 billion and non-GAAP diluted earnings per share 10% to $12.80, topping the high end of its own guidance and Wall Street consensus. The company also raised its full-year outlook above the prior top end of guidance on the top line and every non-GAAP metric."
"Even GAAP results would have cleared consensus and the top end of guidance "if it wasn't for the restructuring charge we took," CFO Sandeep Aujla told me. Along with earnings, the company announced Wednesday that it would cut approximately 3,000 jobs from its 18,200-person global workforce and wind down offices in Reno, Nevada, and Woodland Hills, California."
"Intuit Chairman and CEO Sasan Goodarzi told employees in a memo that the company is focusing on three big bets: scaling its AI-native platform, becoming the center of money for consumers and businesses, and winning the mid-market. "We believe we can serve more customers and deliver breakthrough products that fuel our customers' success by reducing complexity and simplifying our structure to become a faster, leaner, and more focused company," Goodarzi said."
"Affected U.S. employees will receive 16 weeks of base pay plus two additional weeks for every year of service, with a final employment date of July 31. "Our hearts are definitely with our employees, and we're making sure they're well taken care of through this transition period.""
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