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00:02Intuit announced it is cutting 17% of its full-time workforce,
00:07joining other tech companies in mass layoffs amid the AI boom, according to CNBC.
00:12The tax and finance software makers' restructuring will cut over 3,000 jobs
00:17and trigger $300 million to $340 million in charges, mostly in the current quarter.
00:24CEO Sassan Gudarzi said,
00:26the restructuring aims to scale growth and build an organization capable of delivering long-term growth.
00:32The company reported fiscal third quarter adjusted earnings of $12.80 per share on $8.56 billion in revenue,
00:41topping the $12.57 per share estimate but falling short of the $8.61 billion revenue forecast.
00:48Intuit raised its fiscal 2026 outlook,
00:52now projecting $23.80 to $23.85 in adjusted earnings per share
00:58and $21.34 billion to $21.37 billion in revenue,
01:03above the consensus of $23.21 per share and $21.23 billion.
01:09Shares fell 13% in extended trading.
01:12For all things money, visit Benzinga.com.
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