NEW YORK, May 21, 2026, 04:18 EDT
Intuit Inc. shares slid before Thursday’s open, after the TurboTax company lowered its fiscal 2026 revenue target for its tax product and moved to cut 17% of full-time jobs. U.S. markets were still in Nasdaq pre-market trading; the session starts at 9:30 a.m. ET.
The stock finished Wednesday off 3.95% at $383.93. In late extended trading, shares were quoted at $332.48, a drop of 13.4% from the close. Extended trading is before or after the main exchange session, when lower volume can lead to bigger price swings.
That’s what counts for Intuit right now. The company lifted its full-year outlook, but the focus stayed on TurboTax, its biggest consumer name, as generative AI prompts new doubts about paying for tax help.
Intuit reported third-quarter revenue of $8.56 billion, a 10% increase. Non-GAAP EPS came in at $12.80. Those earnings back out certain accounting items. Global Business Solutions revenue was up 15%, Online Ecosystem climbed 19%, and Consumer revenue added 8%. Intuit boosted its 2026 revenue forecast to between $21.341 billion and $21.374 billion, with adjusted EPS seen at $23.80 to $23.85.
Keith Weiss at Morgan Stanley said on the call that investors were looking at “tax results and the disappointment there.” CEO Sasan Goodarzi rejected some of that concern, saying “none of this has anything to do with AI.” Goodarzi said the problem was about setting the “price-right” for lower-income, price-sensitive filers. The Motley Fool
Intuit is cutting around 3,000 jobs worldwide, Reuters reported, citing an internal memo. The company will also shutter its Reno and Woodland Hills offices. U.S. staff hit by the layoffs are set to depart by July 31, the memo said.
The stock slipped in regular trading on a day when other U.S. indexes moved up. The Nasdaq Composite added 1.5% Wednesday, the S&P 500 was up 1.1%, and the Dow Jones rose 1.3%.
Rivalry is picking up. H&R Block, a competitor in consumer tax prep, has been promoting its AI Tax Assist tool for 2026. The push shows the battle isn’t just about user numbers, but who can promise tax help that’s cheaper, quicker and still feels solid.
But there’s a risk in the reset. Intuit is letting people go, even as it tries to overhaul TurboTax pricing and add more AI to its lineup. In a quarterly filing, the company flagged dangers from bad AI, project delays, third-party vendors, shifting AI rules, or competing AI tools that might hurt demand and damage business or reputation.
For now, investors are focused on two things. They want to see that the higher guidance isn’t covering up a softer tax business, and that Intuit’s job cuts will lead to a quicker company, not just a smaller one.
