Intuit cuts workforce by 7 percent | AccountingWEB

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.