27 February 2026
If you are covering Intuit’s latest financial results, as well as Block’s decision to cut thousands of jobs, please find below a comment from Ben Barringer, head of technology research at Quilter Cheviot:
“Intuit’s share price has taken a beating of late as it has been exposed to the software rout that has dominated the market in 2026 so far. However, despite concerns around AI taking its job, Intuit continues to deliver good numbers, with revenues up 17% and profits up 23%. The company has maintained most of its guidance too, although pared back elements having overdelivered of late.
“Inuit has been putting up a good defence against the AI threat, highlighting how the technology is already integrated into its business model. Furthermore, tax accountancy is a very compliant industry and the liability is significant if anything goes wrong. AI can help to a point, but most companies will want certainty that their tax affairs are in order and that is where Intuit can help. The business is also running towards to threat instead of away from it, partnering with the likes of Anthropic and OpenAI to enhance its proposition.
“Intuit is definitely one of the more defensive companies within the software sector so we can see that it can survive this recent rout, with a large moat that should protect it for some time to come.
“The threat of AI is very real however, with Jack Dorsey’s Block cutting thousands of jobs as it changes the way it works. 40% of the workforce will be let go, which may be partly a result of over hiring earlier in the current decade, but is evidence yet again that businesses are looking to use AI to cut costs and make operations more efficient. It serves as a pertinent reminder that AI is a disruptive force, with its impacts felt strongly both in Silicon Valley and beyond.”
