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Intuit shares drop 20% after Q3 beat but warns of layoffs and weaker tax filing trends.

Company Fundamentals
21 May 2026
Akanksha Bakshi
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Bearish
Intuit shares drop 20% after Q3 beat but warns of layoffs and weaker tax filing trends.

Intuit reported better-than-expected Q3 revenue and earnings but shares fell 20% due to a 17% workforce cut and weaker tax filing trends. CEO Sasan Goodarzi noted a decline in IRS filers and TurboTax users, especially among lower-income customers sensitive to price. The company plans to shift towards AI-driven expert platforms and expects restructuring charges in Q4. Despite the challenges, Intuit raised its full-year revenue and earnings guidance and approved an $8 billion share buyback program.

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