Intuit Inc. reported fiscal third-quarter 2026 revenue of $8.56 billion. Adjusted earnings per share reached $12.80, beating market estimates.
The company is laying off 17% of its global workforce. This restructuring affects approximately 3,000 employees. Management is reallocating these resources toward artificial intelligence development.
Intuit lowered full-year TurboTax revenue guidance to a range of $5.277 billion to $5.282 billion. The company attributed the revision to a loss of price-sensitive DIY filers. This shift stoked investor fears that AI tools are eroding the company's competitive moat.
Intuit stock plunged 20% following the announcement. Shares hit a 52-week low near $307. Multiple analysts issued price target downgrades.