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Intuit cutting 575 jobs, 7 pct of workforce

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June 26, 2008

BOSTON (Reuters) - Financial software maker Intuit Inc <INTU.O> said it plans to cut 575 jobs, or 7 percent of its workforce, resulting in a charge of $22 million in the current quarter.

Intuit said it was streamlining its operations, particularly in its general and administrative functions, and reallocating those resources to invest in key growth businesses and accelerate innovation.

As a result of the charge, which is equal to 4 cents a share, the company cut its forecast for earnings per share by the size of the charge.

It now expects to report a fourth-quarter loss per share of 18 to 20 cents.

Intuit said in a statement that it otherwise stands by its earnings guidance for the fiscal fourth quarter, which ends July 31.

Shares in Intuit rose 1.9 percent to $28.91 in after-hours trade, up from their Nasdaq close of $28.37.

(Reporting by Jim Finkle; editing by Tim Dobbyn)

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