Stock market data from sources like NASDAQ or Yahoo Finance

TurboTax Parent Intuit to Cut 10% of Workforce, 1,800 Jobs, in AI-Focused Reorganization

Jul 10, 2024, 01:20 PM

Intuit Inc., the parent company of TurboTax, announced on Wednesday that it will cut approximately 1,800 employees, representing 10% of its global workforce. This move, reported by Fortune and CNBC, is part of a broader reorganization strategy aimed at reinvesting in critical areas such as artificial intelligence (AI). Despite the layoffs, Intuit plans to rehire an equivalent number of staff, primarily in engineering, product, and sales roles. The restructuring will also involve the closure of two worksites in Boise and Edmonton. According to CEO Sasan Goodarzi, the decision is not driven by cost-cutting but by a strategic pivot to accelerate innovation and investments in key growth areas. The restructuring is expected to cost the company between $250 million and $260 million, primarily impacting this quarter.