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.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.