Intuit to Cut 3,000 Jobs While Shifting Focus to Artificial Intelligence

Intuit is cutting approximately 3,000 positions, or 17 percent of its global workforce, according to a memo seen by Reuters. The financial software company, best known for TurboTax and QuickBooks, is restructuring operations and increasing its focus on artificial intelligence initiatives, the memo stated.

Intuit stock pared earlier losses after the report, falling about 3 percent. The shares are now down roughly 38 percent year to date.

The layoffs come as Intuit joins other companies that have recently announced staff reductions. Some of those firms have cited efficiency gains from artificial intelligence as a contributing factor. Block, Meta, Amazon, and Coinbase have also announced layoffs in recent periods.

Intuit shares traded lower on the news but recovered some ground during the session. The company has not disclosed a timeline for completing the workforce reductions.