Intuit To Cut 1,800 Jobs, Close Boise, Edmonton Sites; Stock Drops

(RTTNews) - Intuit Inc. (INTU), Wednesday announced its decision to cut around 1,800 jobs, and close its Boise and Edmonton sites as part of its reorganization plan.

The company stated that it expects to incur approximately $250 million to $260 million in charges in connection with the Plan, which consist of around $217 million to $227 million in future cash expenditures related to severance payments and employee benefits, and around $33 million in non-cash charges for share-based compensation and charges associated with the site closures.

Intuit expects the plan to complete by its first fiscal quarter ending October 31, 2024.

Currently, Intuit's stock is dropping 4.01 percent, to $623.48 over the previous close of $649.52 on the Nasdaq.