Intuit plans to cut workforce by about 17% as tax software maker reckons with slowing growth
CEO Sasan Goodarzi said the layoffs will reduce complexity and help Intuit shift resources toward AI products and better margins.
- Enterprise software giant Intuit is cutting 17% of its workforce, or about 3,000 employees, to refocus resources on integrating AI technology into products like TurboTax, QuickBooks, and Credit Karma.
- CEO Sasan Goodarzi stated the restructuring aims to reduce organizational complexity, while the company signed multi-year agreements with Anthropic and OpenAI to incorporate AI models into software offerings.
- Impacted employees will receive 16 weeks of base pay plus two additional weeks for every year worked, as Intuit winds down its Reno and Woodland Hills offices to consolidate teams.
- Despite reporting $4.65 billion in revenue for its fiscal second quarter, Intuit has underperformed over the past 12 months, trailing competitors pursuing aggressive AI-driven growth strategies.
- Statista reports more than 100,000 job cuts across the tech industry this year, with the current layoff trend on track to outpace both 2024 and 2025 as companies shift expenditures toward AI projects.
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Intuit axes 3,000 – without blaming AI
Intuit has cut its full time workforce by 17 percent and is considering closing offices in some markets “to become “faster, leaner, and more focused,” company CEO Sasan Goodarzi told investors during a Wednesday earnings call. “This was not about AI,” Goodarzi said, before explaining that over the last year company management has studied the question "beyond the tools that we are putting in place across the company, what is actually the biggest …
Intuit Q3 Earnings Call Highlights
Intuit (NASDAQ:INTU) reported fiscal third-quarter revenue growth of 10% and raised its full-year outlook, while management outlined plans to reduce the company’s full-time workforce by 17% and adjust its approach to lower-income, price-sensitive tax filers. Chairman and CEO Sasan Goodarzi said the
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