Intuit Beats Q3 Estimates, Cuts 17% Workforce and Raises Guidance
Intuit posted fiscal Q3 net income of $3.06 billion, with adjusted EPS of $12.80 beating the $12.48 consensus on $8.56 billion revenue. The company trimmed roughly 17 percent (about 3,000 jobs) of its 18,200 workforce and raised full-year revenue guidance to $21.34–$21.37 billion and EPS to $23.80–23.85.
1. Strong Third-Quarter Performance
Intuit posted fiscal Q3 net income of $3.06 billion, or $11.09 per share, with adjusted EPS of $12.80 versus the $12.48 consensus. Revenue reached $8.56 billion, surpassing forecasts as TurboTax and QuickBooks segments sustained growth.
2. Workforce Reduction and Restructuring
The company is trimming approximately 17 percent of its global workforce, reducing around 3,000 roles out of 18,200 employees, and expects $300–$340 million in restructuring charges in the fourth quarter to simplify its organizational structure.
3. Raised Full-Year Forecast and AI Investments
Intuit lifted full-year revenue guidance to $21.34–$21.37 billion and raised adjusted EPS to $23.80–$23.85 per share. Savings from staff cuts will be reinvested into artificial intelligence initiatives and strategic ‘Big Bets’ across its tax and accounting platforms.