May 20 (Reuters) - TurboTax parent Intuit

raised its annual revenue and profit forecasts on Wednesday and

announced it would trim 17% of its workforce, sharpening its

focus on artificial intelligence-powered financial software amid

robust demand.

The reduction of nearly 3,000 roles globally, reported

exclusively by Reuters earlier in the day, is expected to help

simplify organizational structure and streamline key areas,

including AI efforts, according to a staff memo sent by CEO

Sasan Goodarzi.

The tax and accounting software provider said it expects

$300 million to $340 million in restructuring charges tied to

the job cuts, to be recognized in the fourth quarter. It had

about 18,200 employees across seven countries as of July 31,

2025, according to its annual report.

Intuit now expects annual revenue between $21.34 billion and

$21.37 billion, up from its previous projection of $21 billion

to $21.19 billion.

It raised its annual adjusted profit forecast to a range of

$23.80 to $23.85 per share, up from $22.98 to $23.18 per share

previously.

The recent tax season helped lift Intuit's February-April

revenue 10% to $8.56 billion from a year earlier, though it fell

short of analysts' average estimate of $8.61 billion, according

to data compiled by LSEG.

Meanwhile, Intuit's TurboTax Live offering, which connects

tax filers with experts, has seen some uptake and could help

allay investor concerns about generative AI tools disrupting the

company's lucrative consumer tax franchise.

Partnerships with AI companies, including a multi-year deal

with Anthropic announced in February, are central to the

company's strategy of embedding AI tools across its platforms as

well as adding its personalized tax, finance, accounting and

‌marketing capabilities to AI applications.