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Intuit Stock Plummets 20% Amid Job Cuts

3 Jun

Summary

Intuit shares saw a 20% drop, worst since March 2003.
Company stock is down 54% for the year.
Intuit announced plans to cut approximately 17% of its workforce.

Intuit Inc. experienced a severe financial setback, with its stock value experiencing its sharpest single-day decline in over two decades. On the reporting date of 2026-06-03, shares fell by 20% to $307.07. This dramatic decrease brings the company's total stock depreciation for the year to 54%.

The significant stock market reaction follows Intuit's announcement of strategic operational adjustments. These include plans to reduce its workforce by approximately 17%. Additionally, the company reported a slowdown in sales performance for its flagship TurboTax product, contributing to the negative financial outlook.

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