Intuit to lay off over 3k employees to refocus on AI
3 hours ago
- #Tech Layoffs
- #Corporate Restructuring
- #AI Investment
- Intuit is laying off 17% of its workforce, approximately 3,000 employees, to reallocate resources toward integrating AI into its products.
- CEO Sasan Goodarzi stated the layoffs aim to reduce complexity and simplify the corporate structure while focusing on AI efforts.
- The tech industry has already cut over 100,000 jobs this year, with companies like Amazon and Meta citing AI reallocation as a reason.
- Despite layoffs, many tech firms report strong revenue and profit growth from AI demand, although Intuit's stock has underperformed the S&P 500.
- Intuit's fiscal Q2 revenue increased 17% to $4.65 billion, with net profit up 48% to $693 million, and expects 10% growth in Q3.