Tax and accounting software company Intuit will cut 17 percent of its full-time staff, CNBC reported on May 20.

The restructuring will affect more than 3,000 people. Intuit shares fell 11 percent in after-hours trading after the announcement.

Intuit said the restructuring will result in costs of $300 million to $340 million, most of which will be reflected in the current quarter.

Intuit CEO Sasan Goodarzi (사산 구다르지) said the layoffs are aimed at building growth drivers and creating an organisation that can move faster.

Software sector shares have struggled this year, and Intuit, which runs QuickBooks and TurboTax, has also faced pressure from investors. On Wall Street, concern has continued that artificial intelligence could replace some existing companies' products and services. Intuit shares have fallen more than 40 percent this year, while the S&P 500 has risen about 8 percent over the same period.

Intuit also announced fiscal third-quarter results on May 20. The company said earnings per share were $12.80 and revenue was $8.56 billion. The market forecast was earnings per share of $12.57 and revenue of $8.61 billion. Revenue rose 10 percent from a year earlier, but the growth rate was the lowest since 2024. Net profit rose about 9 percent to $3.06 billion.