Stock Track | Intuit Plummets 5% Intraday on Lowered Guidance, Layoffs and AI Disruption Concerns

Stock Track01:59

Intuit's stock plummeted 5% during intraday trading on Tuesday, extending its recent decline as negative sentiment from the company's latest earnings report continues to weigh on investor confidence.

The software company reported fiscal third-quarter revenue growth of 10% year-over-year, marking its slowest pace since 2024 and slightly missing analyst estimates. More concerning to investors was the company's announcement of a 17% reduction in its global workforce, affecting approximately 3,000 employees, along with the closure of two U.S. offices and restructuring charges estimated between $300-$340 million.

Intuit also lowered its annual TurboTax revenue growth forecast from 8% to 7%, citing a mid-teens decline in its standard product revenue due to fewer filers and pressure from low-income self-preparation users. Additionally, market anxiety persists regarding artificial intelligence potentially disrupting traditional tax and financial software markets. Mizuho Securities contributed to the negative sentiment by cutting its price target on Intuit from $600 to $500, though maintaining an Outperform rating.

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