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Intuit beat expectations across nearly every major metric in its third quarter. But the company also announced it was cutting roughly 17% of its workforce.<\/p>\n
For the quarter ended April 30, the maker of TurboTax, QuickBooks, Credit Karma, and Mailchimp grew total revenue 10% to $8.6 billion and non-GAAP diluted earnings per share 10% to $12.80, topping the high end of its own guidance and Wall Street consensus. The company also raised its full-year outlook above the prior top end of guidance on the top line and every non-GAAP metric.<\/p>\n
Even GAAP results would have cleared consensus and the top end of guidance \u201cif it wasn\u2019t for the restructuring charge we took,\u201d CFO Sandeep Aujla told me.<\/p>\n
Along with earnings, the company announced Wednesday that it would cut approximately 3,000 jobs from its 18,200-person global workforce and wind down offices in Reno, Nev., and Woodland Hills, Calif. It follows a roughly 1,800-person reduction in 2024 that was also framed around an AI reset.<\/p>\n
Intuit Chairman and CEO Sasan Goodarzi told employees in a memo that the company is focusing on three big bets: scaling its AI-native platform, becoming the center of money for consumers and businesses, and winning the mid-market.<\/p>\n
\u201cWe believe we can serve more customers and deliver breakthrough products that fuel our customers\u2019 success by reducing complexity and simplifying our structure to become a faster, leaner, and more focused company,\u201d Goodarzi said, adding that \u201csaying goodbye is never easy, and I want to acknowledge the weight this news carries for all of us.\u201d<\/p>\n
In my conversation with Aujla, he also reiterated the difficulty in making these decisions. \u201cOur hearts are definitely with our employees, and we\u2019re making sure they\u2019re well taken care of through this transition period.\u201d Affected U.S. employees will receive 16 weeks of base pay plus two additional weeks for every year of service, with a final employment date of July 31.<\/p>\n
The rationale, Aujla said, is to push Intuit to \u201coperate more like builders who are entrepreneurs.\u201d He distilled it into three traits: \u201cfocused organization, flatter organization, a faster organization.\u201d<\/p>\n
I asked him whether \u201cbuilders who are entrepreneurs\u201d referred to specific skill sets. Aujla said it was less about skills than mindset. \u201cVelocity is so critical,\u201d he said. \u201cWe\u2019ve got to move faster, we\u2019ve got to be more focused, we\u2019ve got to have fewer layers of management. That\u2019s how more entrepreneur companies tend to operate.\u201d He framed the move as consistent with the company\u2019s 40-year history of taking what he called a \u201cday-one mindset\u201d\u2014periodically asking whether the company is structured for the next decade.<\/p>\n
The cuts span seniority levels rather than targeting middle managers alone. \u201cWe looked at layers of management, definitely across all layers, not just middle management,\u201d he said. Intuit also looked at roles primarily focused on coordinating between teams, such as project management and business operations\u2014work he said is valuable but increasingly redundant in a flatter org. \u201cWe want more of the principal-to-principal discussions and debate \u2026 we need less of the coordination organization.\u201d<\/p>\n
The intent behind the decisions, he said, is to \u201cset up the company for the decade ahead and to move at the utmost velocity.\u201d<\/p>\n
A \u2018tale of two cities\u2019 in tax<\/p>\n
Aujla called this year\u2019s tax season \u201ca tale of two cities.\u201d IRS filings came in weaker than expected, but Intuit\u2019s assisted-tax business outperformed, with assisted customers up 38% and assisted revenue up 36%.<\/p>\n
The weaker area was DIY filers earning under $50,000, a group Aujla described as highly price-sensitive. Intuit is evaluating pricing and adjacent services such as Credit Karma and refund-related offerings to better monetize that customer base.<\/p>\n
Leaning into buybacks<\/p>\n
Intuit repurchased $1.6 billion of stock in Q3 and raised its dividend 15%, even as investors worry AI agents could disrupt traditional SaaS models.<\/p>\n
\u201cWe\u2019re leaning into buybacks because we think the stock is mispriced,\u201d Aujla said.<\/p>\n
Sheryl\u00a0Estrada
sheryl.estrada@fortune.com<\/p>\n
Leaderboard<\/p>\n
Ron Kisling was appointed CFO of Skillsoft Corp. (NYSE: SKIL), an AI-native skills management platform, effective immediately. Kisling has more than 40 years of finance experience, including 15 years of CFO experience at high-growth technology companies. He most recently served as CFO at Fastly and Fitbit. Before that. Kisling held CFO positions at other technology companies, including Nanometrics, PGP Corporation, Saba Software, Inc., and SPL WorldGroup, Inc.\u00a0<\/p>\n
Dan Karpel was promoted to SVP and CFO of Caleres (NYSE: CAL), a portfolio of consumer-driven footwear brands, effective immediately. Karpel rejoined Caleres as chief accounting officer in October 2025 and was appointed to the role of interim chief financial officer in January 2026. He brings 30 years of valuable accounting and finance leadership to the role. Before rejoining Caleres, he served as the CFO of Club Car Wash Operating, LLC, and CW Holdings, LLC.\u00a0<\/p>\n
Big Deal<\/p>\n
Elon Musk\u2019s SpaceX, in an S-1 filing on Wednesday, disclosed plans to list its shares on the Nasdaq and Nasdaq Texas under the ticker \u201cSPCX.\u201d<\/p>\n
The IPO prospectus provided the first official look at the financials behind the much-hyped rocket maker that\u2019s been around since 2002, as well as at several other businesses that Musk has folded into the company including AI, social media, and the Starlink satellite communications business. Read more of Fortune’s coverage here.<\/p>\n
Going deeper<\/p>\n
\u201cShould AI Nudge You or Tell You What to Do?\u201d is an article in Wharton\u2019s business journal. The research addresses the question: Which type of signal actually helps us make better decisions, especially when the AI is reliable and provides highly accurate advice?<\/p>\n
Overheard<\/p>\n
“The next great leap in space will be made through business model innovation. The next great challenge is to build the financial bridge that connects the nascent, commodities-based economic model of the ISS with the modern, trust-based global financial system.”<\/p>\n
\u2014Tejpaul Bhatia, the founder and CEO of Nebex, which builds commercial rails for the global space economy, writes in a Fortune opinion piece.\u00a0<\/p>\n
#Intuit #CFO #company #simplifying #structure<\/p>\n","protected":false},"excerpt":{"rendered":"
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