Intuit Inc. said that it will cut 575 positions, or 7% of its work force, as part of a restructuring plan announced last week.
The Mountain View, Calif., financial management, bookkeeping, and tax preparation software provider said the cuts will streamline its operations and allow it to focus on developing services to increase revenue from online and desktop products.
Intuit is developing financial management applications that banks can incorporate into their online banking systems to offer consumers.
As a result of the job cuts, it expects to incur a pretax charge of $22 million, or 4 cents a share, for its fourth fiscal quarter, which will end July 31.
It reaffirmed its forecast that revenue for its full fiscal year will rise 14% from the previous year, to between $3.05 billion and $3.06 billion. However, it now expects to report a fourth-quarter loss of 18 to 20 cents a share on operating income of $633 million to $643 million. For the full year, it expects to earn $1.38 to $1.40 a share.
