Insider Today Thanks for signing up! Bull The announcement came just a week before the company announced it was laying off 10% of its workforce. As a result, Intuit failed to pay these workers the correct amount of overtime pay — which is one-and-a-half times normal wages for hours worked over 40 in a workweek — which violated the Fair Labor Standards Act, the DOL said. The case, which was settled administratively, covered the period from September 2021 to July 2023, the DOL spokesperson said. Advertisement ...

Intuit will cut 10% of its employees, but then replace them with those who will focus on the company's artificial intelligence efforts. The maker of TurboTax and other financial software announced it will eliminate 1,800 positions and close sites in Boise, Idaho and Edmonton, Alberta. CEO Sasan Goodarzi said the company faced a critical moment in its history because of the impact of AI. Intuit (INTU) shares fell Wednesday after the accounting software maker announced that as part of a reorganization plan it ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. S ...

Tax preparation software maker Intuit is cutting 1,800 jobs, or 10% of its workforce, and closing two locations. The company, parent of QuickBooks and TurboTax, revealed the planned layoffs in a filing with the Securities and Exchange Commission Wednesday (July 10), saying it plans to "hire a nearly equivalent number of employees in fiscal 2025 to support [its] declared growth areas and expects overall headcount to grow." In a note to employees included in the filing, CEO Sasan Goodarzi said the cuts come a ...

The company behind QuickBooks and TurboTax said it was laying off 1,800 employees, but that it expects to hire at least that many in fiscal 2025 as it accelerates its focus on incorporating artificial intelligence into its products and services. Mountain View, California-based Intuit will also close offices in Boise, Idaho and Edmonton in Alberta, Canada where more than 250 employees work. Some of those workers will transfer to new locations, the company said. Intuit shares fell 3.6% in morning trading to $ ...

TurboTax parent Intuit said Wednesday it will let go of about 1,800 employees, or 10% of its workforce, as it looks to focus on its AIpowered tax preparation software and other financial products. The company, which has invested heavily in providing generative AI-powered accounting and tax preparation tools for small and medium businesses in the past few years, expects to close two of its sites in Edmonton, Canada, and Boise, Idaho. Intuit will rehire 1,800 new people primarily in engineering, product and c ...

Intuit (NASDAQ:INTU) layoffs are a hot topic on Wednesday after the TurboTax parent company announced plans to cut roughly 10% of its workforce. Intuit notes that these layoffs will remove 1,800 positions from its business. It's doing this as part of an effort to refocus on more important areas of interest. It will also result in the closure of its Boise, Idaho and Edmonton, Alberta locations. To go along with this, Intuit says that it will be hiring 1,800 people across key areas. This includes engineering, ...

Add to Watchlist Intuit's Products and Market Dominance The company's TurboTax platform managed 28% of IRS returns last year. The firm had a 70% market share amongst those who chose to file their returns without professional help. QuickBooks controls 81% of the small business accounting market share. This market is currently worth $20 billion and is expected to grow by 9.2% annually until 2029. Regarding TurboTax, Benjamin Franklin's phrase applies well: "Nothing is certain, except death and taxes." Everyon ...

Investors will be eagerly watching for the performance of Intuit in its upcoming earnings disclosure. The company is predicted to post an EPS of $1.86, indicating a 12.73% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $3.08 billion, indicating a 13.73% upward movement from the same quarter last year. Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've c ...

Intuit currently has an average brokerage recommendation (ABR) of 1.36, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 28 brokerage firms. An ABR of 1.36 approximates between Strong Buy and Buy. Check price target & stock forecast for Intuit here>>> With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong ...