Intuit Suffers Worst Plunge Since 2003 After Announcing Job Cuts

Intuit Inc. suffered its worst stock decline in more than two decades after announcing plans to cut about 17% of its staff and reporting slower TurboTax sales than anticipated.

The job reductions, which will affect about 3,000 workers, will trim costs while the financial software company invests in artificial intelligence products. They’re meant to simplify the organization and turn it into a “faster, leaner, more focused company,” Intuit said Wednesday in a statement that included fiscal third-quarter results.

The company said it expects to incur about $320 million in restructuring charges, largely in the current period.

Several analysts also called ...