Intuit Lowers TurboTax Revenue Forecast and Announces Workforce Reduction
Intuit announced a reduction in its annual revenue forecast for TurboTax, citing the impact of generative AI on its business model. The company also plans to cut approximately 17% (or nearly 3,000) full-time jobs globally as part of restructuring efforts expected to cost $300 million to $340 million in fiscal Q4. These developments led to a sharp decline in Intuit's stock price.
Tickers: $INTU
Topics: AI Disruption Layoffs Revenue Forecast Stock Performance