Intuit Inc. (NASDAQ: INTU) was among the most newsworthy NASDAQ stocks on Friday, May 22, trading at approximately $320.69 after crashing earlier in the week following a combination of earnings results, a workforce reduction announcement, and a TurboTax revenue warning.
The stock’s session on May 22 saw it trade between $306.40 and $321.04, with volume of 11.09 million shares, more than double the 5.12 million daily average, reflecting elevated investor activity in the wake of the shock announcements.
Intuit announced a 17% reduction in its global workforce, equivalent to more than 3,000 job cuts, as the company pivots to an AI-first operating model across its consumer and small business product lines.
The company also issued a warning about TurboTax revenue, which rattled investors who had become accustomed to the product as a reliable annuity revenue stream.
Despite the negative news, INTU actually delivered fiscal Q3 2026 non-GAAP earnings per share of $12.80, exceeding the consensus estimate of $12.48, and posted record net income of $3.06 billion in the most recent quarter.
The 52-week high of $813.70, reached in mid-2025, underscores just how far the stock has fallen, with INTU now trading at approximately 40% of its peak valuation.
The market capitalisation of approximately $87.72 billion reflects a significant reset, with the stock now trading at a price-to-earnings ratio of 18.59, a historically low multiple for the company.
The company’s next earnings report is scheduled for August 20, 2026, when the full impact of the layoffs and AI transition on margins and revenue will begin to become clear.
Wall Street analysts are divided on INTU, with some viewing the current price as a compelling entry point given the company’s dominant market position in tax and small business software.
The stock’s one-year high of $813.70 versus the current price around $320 represents one of the most dramatic valuation compressions among large-cap NASDAQ technology names in the 2025-2026 cycle.
