Intuit beat expectations across nearly every major metric in its third quarter. But the company also announced it was cutting roughly 17% of its workforce.
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, Nev., and Woodland Hills, Calif. It follows a roughly 1,800-person reduction in 2024 that was also framed around an AI reset.
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.
