Intuit Stock Tumbles On Q3 Earnings, 17% Workforce Reduction

Benzinga05-21 04:22

Intuit Inc (NASDAQ:INTU) posted financial results for the third quarter of fiscal 2026 after the market close on Wednesday. Here’s a rundown of the report.

  • Intuit stock is among today’s weakest performers. Why is INTU stock falling?

Intuit Q3 Earnings Highlights

Intuit reported third-quarter revenue of $8.56 billion, beating analyst estimates of $8.53 billion. The QuickBooks, Credit Karma and TurboTax parent company posted third-quarter adjusted earnings of $12.80 per share, beating analyst estimates of $12.28 per share, according to Benzinga Pro.

Total revenue was up 10% on a year-over-year basis. Here’s a breakdown of revenue by segment.

  • Global Business Solutions: $3.3 billion, up 15%
  • Consumer: $5.3 billion, up 8%
  • Online Ecosystem: $2.5 billion, up 19%

Intuit ended the quarter with $6.8 billion in total cash and investments and $6.2 billion in debt after repurchasing $1.6 billion of its common stock in the quarter. Intuit’s board also approved a new $8 billion buyback during the third quarter.

“The powerful combination of Intuit’s proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise is setting the standard for trusted financial intelligence. 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,” said Sasan Goodarzi, CEO of Intuit.

Intuit guided for fiscal fourth-quarter revenue growth of approximately 11% to 12%. The company anticipates fourth-quarter adjusted earnings of $3.56 to $3.62 per share versus estimates of $3.20 per share.

Intuit expects full-year revenue of $21.34 billion to $21.37 billion versus estimates of $21.23 billion. The company also raised its full-year adjusted earnings guidance from a range of $22.98 to $23.18 per share to a new range of $23.80 to $23.85 per share, versus estimates of $23.20 per share.

Intuit also announced plans to reduce its workforce by 17% to simplify its organizational structure. The company anticipates $300 million to $340 million in restructuring charges related to its workforce changes.

Intuit will further discuss the quarter on an earnings call scheduled for 4:30 p.m. ET.

INTU Shares Dive After The Bell

INTU Price Action: Intuit shares were down 11.45% in after-hours Wednesday, trading at $339.48 at the time of publication, according to Benzinga Pro.

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