Intuit cuts 300 jobs

Business and financial software company Intuit has announced plans to cut approximately 300 jobs in an effort to manage costs. The company employs 8,200 staff globally.

A spokesperson for the company said the job cuts, primarily at its small-business division, will not be material to its financial results. "We manage our resources on an ongoing basis, these changes support our long-term growth strategy," she said.

Last month Intuit reported a 9% increase in net income to $485m for the third quarter 2009, compared to $444.17m in the year-ago quarter, on revenue up 9% at $764m.

Intuit last week acquired online payroll services company PayCycle for $170m.

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