Intuit cuts workforce by 7 percent

Software company Intuit, known for its financial and business software products including Quicken, QuickBooks, TurboTax, and Lacerte, has announced plans to lay off 575 employees, 7 percent of its workforce, as part of a plan to reallocate resources to key growth areas. The firm has indicated that this action is part of its Connected Services strategy announced in April, according to a report on CBROnline.

The job cuts are expected to result in a pre-tax charge of approximately $22 million in severance and related restructuring costs, or $0.04 per share in the firm's fourth fiscal quarter.

Intuit has indicated it plans to focus on both traditional and new markets worldwide by embracing social networking and mobile technology trends through value-added services for its desktop products and innovative online offerings.