An announcement from Intuit (INTU) is now available.
Intuit Inc. is undergoing a significant reorganization to concentrate on growth areas, which will see the closure of its Boise and Edmonton offices and the departure of around 1,800 employees. However, the company plans to hire a similar number of new staff in fiscal 2025, aiming to expand its workforce thereafter. The reorganization will cost an estimated $250 million to $260 million, with the majority of these charges expected in the fourth fiscal quarter of 2024. While the company is confident in the reorganization, it acknowledges the inherent risks and uncertainties, including economic and geopolitical factors that could influence the actual outcomes versus expectations.
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