Why Intuit Shares Are Down 8% Today

Why Intuit Shares Are Down 8% Today

Shares Of Intuit INTU are trading lower following a Bloomberg report suggesting the company has paused hiring at its Credit Karma unit amid "revenue challenges."

Bloomberg, citing a recent letter to employees, reported the company is pausing hiring amid reenue challenges due to "the uncertainty of the economic environment," which has impacted the lending environment. 

This news puts Intuit in a long line of companies that have announced hiring freezes and layoffs this year amid broader macro uncertainty. 

Despite this, the U.S. labor market still remains tight, with September job openings increasing to 10.7 million. This has caused concerns over more aggressive Fed action, which could further pressure the economic outlook. 

Intuit provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada and internationally. 

See Also: What's Going On With Amazon Shares

At the time of publication, shares were trading 8.2% lower at $392.45, according to data from Benzinga Pro.

Photo via Shutterstock.

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