Intuit cuts 3,000 jobs while CEO insists workforce reduction had nothing to do with AI
16 Sources
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Intuit to lay off over 3,000 employees to refocus on AI | TechCrunch
Enterprise software giant Intuit is letting go 17% of its staff, or about 3,000 people, as it seeks to divert resources towards baking in AI into its products, Reuters reported, citing an internal memo sent to employees. The memo by CEO Sasan Goodarzi said the layoffs are meant to reduce
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Exclusive: Intuit to cut 17% of global jobs to streamline operations, memo shows
May 20 (Reuters) - Intuit (INTU.O), opens new tab is laying off about 17% of its workforce, or about 3,000 employees worldwide, to streamline operations and sharpen focus on its key bets including its AI efforts, according to an internal memo seen by Reuters on Wednesday. CEO Sasan Goodarzi sent
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Intuit CEO says company's 17% workforce cut had 'nothing to do with AI'
Intuit -- the parent company of TurboTax, Credit Karma and QuickBooks -- cut roughly 17% of its workforce on Wednesday, but CEO Sasan Goodarzi said the layoffs were designed to streamline operations and improve execution rather than replace workers with artificial intelligence. "None of it had to
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"You can't run your business with an LLM" - Intuit axes 17% of its workforce, but don't blame AI, insists CEO Sasan Goodarzi
Intuit plans to eliminate roughly 3,000 jobs, roughly 17% of its total workforce of 18,200 staffers, in what the mainstream media has attributed to AI. But CEO Sasan Goodarzi insists that blaming AI is a mis-characterization, arguing: We are reducing our full-time workforce by 17% to simplify our
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Intuit cuts 17% of its staff to focus on AI, but refuses to blame AI - SiliconANGLE
The financial services software company Intuit Inc., known for platforms including Credit Karma, QuickBooks and TurboTax, said today it's letting go 17% of its workforce, or around 3,000 people. The cuts, announced as the company delivered its latest financial results, will allow it to divert more
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Intuit layoffs today: Stock takes a dive as company cuts 17% of jobs, citing AI acceleration
And the layoffs continue: Intuit plans to axe 17% of its workforce, about 3,000 of its approximately 18,200 global employees (as of July 31, according to its annual report), Reuters reported Wednesday. The company said it will focus on accelerating integrating AI across the company and its
[7]
Intuit, TurboTax's Parent Company, Lays Off 17 Percent of Workforce to Fund AI Expansion
Intuit, a business software company, is laying off about 17 percent of its workforce, or about 3,000 employees worldwide. The last day for impacted workers will be July 31, Reuters reported. The company, which is best known for owning TurboTax, is looking to streamline operations. In pursuit of
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Intuit to cut 17% of global jobs to streamline operations, memo shows - The Economic Times
Intuit is cutting around 3,000 jobs globally. This move aims to simplify operations and boost focus on key areas, especially artificial intelligence. The company is integrating AI models from startups like Anthropic and OpenAI. This follows a trend of tech companies reducing staff this year.
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Intuit Stock Falls After Report Says Company To Cut 17% Of Workforce - Intuit (NASDAQ:INTU)
* Intuit stock is among today's weakest performers. Why is INTU stock falling? Workforce Reduction And AI Push According to a Reuters report citing an internal memo, CEO Sasan Goodarzi told employees that the layoffs are intended to reduce complexity and simplify the company's organizational
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Intuit to Cut 17% of Workforce in Shift Toward AI | PYMNTS.com
By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. In an email to employees, Chief Executive Sasan Goodarzi said reducing
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California's Intuit to slash thousands of jobs, cut workforce by 17%, internal memo shows
Tech giant Intuit is shuttering its Los Angeles-area office and slashing thousands of jobs worldwide in a sweeping shakeup that comes as Silicon Valley races to embrace artificial intelligence. The company behind TurboTax, CreditKarma and QuickBooks is laying off roughly 3,000 employees -- or
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Intuit to cut 17% of global jobs to streamline operations, memo shows: Reuters exclusive
Intuit is laying off about 17 per cent of its workforce, or about 3,000 employees worldwide, to streamline operations and sharpen focus on its key bets including its AI efforts, according to an internal memo seen by Reuters on Wednesday. CEO Sasan Goodarzi sent an email to staff earlier in the
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Intuit slumps on lowered TurboTax outlook; AI seen 'as a clear net tailwind' By Investing.com
Investing.com -- Intuit (NASDAQ:INTU) lifted its full-year outlook and posted better-than-expected results for the fiscal third quarter as the company's AI-driven platform strategy gains traction. However, the software firm also trimmed its annual revenue forecast for TurboTax and announced it is
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Intuit to Cut 17% of Staff, Invest in 'Big Bets' -- Update
By Dean Seal and Kristin Broughton Intuit plans to lay off 17% of its workforce, or about 3,100 employees, and invest the savings in "big bets" as it makes artificial intelligence a centerpiece of its business. The maker of TurboTax and QuickBooks said Wednesday that slimming down its staff would
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Intuit boosts annual forecasts, to cut 17% of global staff
May 20 (Reuters) - TurboTax parent Intuit raised its annual revenue and profit forecasts on Wednesday and announced it would trim 17% of its workforce, sharpening its focus on artificial intelligence-powered financial software amid robust demand. The reduction of nearly 3,000 roles globally,
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Intuit to cut 17% of global jobs to streamline operations, memo shows
May 20 (Reuters) - Intuit is laying off about 17% of its workforce, or about 3,000 employees worldwide, to streamline operations and sharpen focus on its key bets including its AI efforts, according to an internal memo seen by Reuters on Wednesday. CEO Sasan Goodarzi sent an email to staff earlier
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Financial software company Intuit is laying off 17% of its workforce—roughly 3,000 employees—as it seeks to streamline operations and invest in AI capabilities. But CEO Sasan Goodarzi firmly denies the cuts are driven by automation, instead blaming organizational complexity and excess management layers. The move comes as Intuit's stock has fallen 41% this year amid concerns traditional software firms can't compete in the AI era.
Intuit Layoffs Impact 3,000 Employees Worldwide
Financial software company Intuit announced it will lay off approximately 3,000 employees, representing 17% of its global workforce of 18,200 people, according to an internal memo sent by CEO Sasan Goodarzi
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. The maker of TurboTax, QuickBooks, Credit Karma, and Mailchimp revealed the Intuit layoffs on Wednesday as it reported third-quarter earnings that beat analyst expectations, with revenue reaching $8.56 billion and adjusted earnings of $12.80 per share3
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Source: New York Post
The workforce reduction will cost Intuit approximately $340 million in restructuring charges, primarily from severance payments
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. Affected U.S. employees will receive a severance package consisting of 16 weeks of base pay plus two additional weeks for every year at Intuit, with July 31 marking their last day2
. The company is also winding down its Reno and Woodland Hills offices as part of strategic restructuring to consolidate teams in key hubs2
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Source: ET
CEO Insists Workforce Cut Had Nothing to Do with AI
Despite announcing plans to refocus on AI, Sasan Goodarzi emphatically stated the cuts were not driven by artificial intelligence replacing workers. "None of it had to do with AI," Goodarzi told CNBC's Jim Cramer on "Mad Money." "Everything was about how do we become more effective"
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. This assertion comes at a critical moment when 114,173 tech workers have been laid off in 2026 so far, according to Layoffs.fyi, with companies like Microsoft, Meta, and Amazon announcing thousands of job cuts while simultaneously ramping up AI investments3
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.Instead, Goodarzi attributed the decision to streamline operations by addressing three specific areas: reducing management layers to accelerate decision-making, eliminating "coordination-heavy roles" such as project managers and business operations staff, and removing duplicative functions after integrating Credit Karma and TurboTax more closely together
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. The CEO also mentioned resizing Mailchimp in the context of growth opportunities ahead4
.Simplifying Organizational Structure to Build Faster
Goodarzi framed Intuit to cut 17% of global jobs as part of creating a "faster, leaner and more focused company" with a "builder culture"
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. The company identified that excessive management layers were slowing innovation and creating information flow bottlenecks. By flattening the organizational structure, Intuit aims to "push decision-making to our frontline folks that are the builders," according to the CEO4
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.The restructuring reflects what Goodarzi described as a "Day One mentality"—asking what the company would do if starting fresh today
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. He emphasized three priorities: scaling growth engines like assisted tax, money, and mid-market services that are all growing above 30%; reimagining DIY tax services for customers earning less than $50,000; and operating with greater velocity and discipline4
.Related Stories
AI Strategy Amid Stock Decline and Market Pressure
Intuit's shares have fallen roughly 41% this year, significantly underperforming the broader S&P 500
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. The company faces investor concerns that traditional SaaS firms cannot compete as new AI products threaten to change how software is developed and used1
. To address this, Intuit has signed multi-year deals with AI startups Anthropic and OpenAI to integrate their models into its software and add Intuit's personalized capabilities into Claude and ChatGPT2
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Source: TechCrunch
Yet Goodarzi pushed back against fears that Large Language Models could replace Intuit's core offerings. "You can't run your business with an LLM because you're managing your books, you're managing your money, you're managing your payroll and accuracy and compliance of doing that matters," he explained. He noted that "people spend seven times more on tax and accounting experts as they do on software, because people don't buy code, they buy confidence"
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. The CEO argued that accuracy and compliance requirements for high-stakes financial decisions give Intuit a defensible position against AI disruption3
.Financial Performance and Industry Context
Despite the workforce reduction, Intuit reported strong financial results. In its fiscal second quarter ended January, the company posted revenue of $4.65 billion, a 17% increase, and net profit of $693 million, a 48% improvement year-over-year
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. Goodarzi indicated that savings from the restructuring would primarily drive margin expansion and earnings-per-share growth, with a smaller portion allocated to scaling growth engines5
.Intuit joins over 140 tech companies that have laid off more than 111,000 employees this year, according to Layoffs.fyi
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. Companies including Amazon, Block, Cisco, Cloudflare, Meta, Microsoft, and Oracle have all announced significant cuts while citing the need to refocus expenditures around AI projects1
. Notably, CEO Goodarzi's salary was worth $36.8 million, including cash incentives and stock awards, during fiscal 2025, though the company did not comment on whether management would take pay cuts1
.References
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