Intuit CFO on why the company is simplifying its structure

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. For the quarter ended April 30, the maker of Turbo Tax, Quick Books, 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. Even GAAP results would have cleared consensus and the top end of guidance “if it wasn’t for the restructuring charge we took,” CFO Sandeep Aujla told me. 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, Nevada, and Woodland Hills, California. It follows a roughly 1,800-person reduction in 2024 that was also framed around an AI reset. 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. “We believe we can serve more customers and deliver breakthrough products that fuel our customers’ success by reducing complexity and simplifying our structure to become a faster, leaner, and more focused company,” Goodarzi said, adding that “saying goodbye is never easy, and I want to acknowledge the weight this news carries for all of us.” In my conversation with Aujla, he also reiterated the difficulty in making these decisions. “Our hearts are definitely with our employees, and we’re making sure they’re well taken care of through this transition period.” 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