FX.co ★ Intuit To Cut 1,800 Jobs, Close Boise, Edmonton Sites; Stock Drops

Intuit Inc. (INTU) announced on Wednesday that it will reduce its workforce by approximately 1,800 jobs and close its Boise and Edmonton facilities as part of a broader reorganization strategy.

The company anticipates incurring charges between $250 million and $260 million due to this plan. This includes an estimated $217 million to $227 million in future cash expenditures for severance payments and employee benefits, and around $33 million in non-cash charges for share-based compensation and costs associated with the site closures.

Intuit aims to complete this reorganization by the end of its first fiscal quarter, which concludes on October 31, 2024.

Currently, Intuit's stock has decreased by 4.01 percent, trading at $623.48, down from its previous close of $649.52 on the Nasdaq.