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Intuit to cut 575 jobs, or 7 percent 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.

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

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

The company said it plans to invest some of the cost savings in new product development.

Shares in the U.S.-based company were little changed after the announcement. They were quoted at $28.35 in after-hours trade, down from their Nasdaq close of $28.37.

(Reporting by Jim Finkle; editing by Carol Bishopric)

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