Intuit cuts 7 pct. of work force in reorganization

The Mountain View-based maker of TurboTax and the personal finance software Quicken said the job cuts will affect about 575 jobs.

The company hopes the restructuring will help streamline its back-office operations and shift more focus toward developing new business.

The move will cost Intuit $22 million, or about 4 cents per share, in the fiscal fourth quarter ending July 31.

Intuit said the changes will help it grow as it develops new desktop and online services. The company also plans to put more emphasis on social networking and mobile technology.

The company reaffirmed its revenue outlook provided on May 20, saying it still expects sales of $3.05 billion to $3.06 billion for the year. Analysts, on average, expect sales of $3.06 billion, according to a survey by Thomson Financial.

Because of the charge, Intuit now expects a fourth-quarter loss of 18 cents to 20 cents per share and an adjusted loss of 7 cents to 9 cents per share.

For the full year, the company forecast earnings of $1.38 to $1.40 per share and adjusted earnings of $1.57 to $1.59 per share.

Shares climbed 54 cents to $28.91 in after-hours trading. The stock had closed down 54 cents at $28.37.