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Intuit Trimming 249 Jobs

Intuit is eliminating 249 jobs, mostly in the software company's Small Business Group. The company's plans become known after it recently said it would sell its DemandForce, QuickBase and Quicken operation to concentrate on its core tax and accounting business.

 

This follows the June loss of 399 jobs. Added together, the jobs cut are less than 1 percent of the nearly 8,000 employees reported when the fiscal year ended on June 31.

Intuit said the layoffs will help it to enhance "focus on and investment in businesses that strengthen the ecosystem and align with two strategic goals: to be the operating system behind small business success, and to do the nations' taxes in the U.S. and Canada".

Intuit lost $36 million for the most recently ended year, compared to earnings of $907 million for 2014. Revenue for 2015 was $4.19 billion, a drop of 2.2 percent from $4.24 billion the prior year. One issue having an impact was Intuit's decision to recognize all revenue ratably, including its non-cloud ProTax business. That pushed $150 million of revenue from Lacerte and ProSeries into fiscal 2016.

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