Intuit lays off 300 workers

Intuit Inc., the company that makes TurboTax software, said Friday it was laying off 300 employees, or 4 percent of its 8,200-strong work force.

It said the move was not material to its earnings results. About half of the workers are based at its Mountain View headquarters, with the rest spread around other Intuit locations. Employees were given 60-day notifications.

"We manage our resources on an ongoing basis," it said in a statement. "These changes support our long-term growth strategy."

Shares were down 10 cents to $27.79 in after-hours trading after rising 26 cents to close the regular trading day $27.89.

For the fiscal third quarter ended April 30, Intuit said profit rose to $484.8 million, or $1.47 per share, compared with $444.2 million, or $1.33 per share, in the year-earlier period.

Adjusted for discontinued operations and other items, operating income rose to $837 million, or $1.68 per share.

Revenue rose to $1.43 billion, up 9 percent from $1.31 billion last year.

Analysts polled by Thomson Reuters, on average, expected profit of $1.61 per share, on revenue of $1.42 billion. Analysts typically exclude one-time items from their estimates.