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Intuit to Consolidate Centers, Lay Off 270

June 11, 1997|(Reuters)

In response to slowing software sales, Intuit Inc. will cut about 270 jobs, or 10% of its work force, and consolidate its technical support centers. The cuts, which include 50 jobs in Northern California, will enable the company to concentrate its financial resources on new products, particularly on the Internet, said the Mountain View company, which publishes the best-selling financial programs Quicken and Turbotax. Although Intuit's products consistently land on top-10 software-sales lists, the company has been hit by tumbling prices for consumer software. Intuit will close a technical center in Rio Rancho, N.M., and boost staffing in Tucson. It will also centralize its European operations in Munich. Intuit announced the job cuts after the market closed. Its shares fell 87.5 cents to close at $25 on Nasdaq.

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