Intuit cuts 7 pct of workforce in reorganization

By Associated Press
June 26, 2008
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Intuit Inc. is slashing about 7 percent of its workforce as part of a reorganization at the software company.

The maker of TurboTax and the personal finance software Quicken says the job cuts will affect about 575 jobs. The company hopes the restructuring will help streamline its back-office operations and shift more focus toward developing new business.

The move will cost the company $22 million this quarter, or about 4 cents per share.

Intuit says the changes will help it grow as it develops new desktop and online services. The company also plans to put more emphasis on social networking and mobile technology.

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AP Business Writer Adam Schreck in New York
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