Intuit's quarterly financial reports and official announcements

Intuit to Lay Off 1,800 Employees, Rehire 10% in AI-Focused Reorganization

Jul 10, 2024, 02:47 PM

Intuit Inc., the parent company of TurboTax and QuickBooks, announced on Wednesday that it will lay off approximately 1,800 employees, which constitutes about 10% of its global workforce. The company stated that the layoffs are part of a reorganization plan focused on increasing investments in artificial intelligence (AI) and other critical growth areas. Intuit plans to rehire an equivalent number of employees, primarily in engineering, product development, and customer service roles. The reorganization will also involve closing two sites in Boise, Idaho, and Edmonton, Canada. CEO Sasan Goodarzi emphasized that the move is not for cost-cutting purposes but to accelerate innovation and investments in key areas. The restructuring is expected to cost the company between $250 million and $260 million, primarily in the current quarter. The layoffs will target low-performers and executives, with many of the cuts being performance-related.