Shares of Intuit Inc. (Nasdaq: INTU) tumbled more than 10% in extended trading on Wednesday, falling to approximately $347 from a regular-session close of $383.93, after the financial technology company missed quarterly revenue expectations and announced job cuts — despite raising its full-year guidance.
Intuit reported third-quarter fiscal 2026 revenue of $8.56 billion, up 10% year-over-year but narrowly shy of the Wall Street consensus estimate of $8.61 billion, according to LSEG data.
Non-GAAP diluted earnings per share of $12.80 rose 10% on the prior year period, better than consensus expectations.
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The results were accompanied by a significant restructuring announcement: Intuit will cut approximately 17% of its global workforce — nearly 3,000 roles — in a push to streamline operations and sharpen its focus on artificial intelligence. The company expects to incur $300–$340 million in restructuring charges, largely in the current quarter.
The layoffs did little to reassure investors already rattled by the growing threat of AI disruption to Intuit’s core TurboTax franchise. General-purpose large language models can increasingly replicate the premium tax guidance that TurboTax has long monetised, pressuring a key pillar of the company’s competitive advantage. The stock has now lost more than half its value from 52-week highs above $800 reached in mid-2025.
On a more positive note, Intuit raised its full-year revenue guidance to $21.34–$21.37 billion, implying growth of 13–14%, and lifted its non-GAAP EPS outlook to $23.80–$23.85. The board also approved a new $8 billion share buyback and a 15% dividend increase to $1.20 per share quarterly.
However, with fourth-quarter GAAP EPS guidance of just $0.73–$0.79 — heavily impacted by restructuring costs — and existential AI questions remaining unanswered, investors chose to sell first and ask questions later.
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