Intuit plans to lay off more than 3,000 employees to refocus on artificial intelligence

Enterprise software giant Intuit has decided to lay off 17% of its employees, or about 3,000 people, as it seeks to shift resources towards integrating artificial intelligence into its products, according to Reuters. I mentionedCiting an internal memo sent to employees.

CEO Sasan Goudarzi’s memo said the layoffs were intended to reduce complexity by simplifying the company’s corporate structure and helping it focus on artificial intelligence efforts, according to Reuters.

The company, which makes accounting, tax and personal finance software such as TurboTax, QuickBooks and Credit Karma, had 18,200 employees worldwide as of July 2025, according to its data. Annual report.

Intuit did not immediately respond to a request for comment or respond to questions about whether its management, directors or CEO would take a pay cut. Goodarzi salary Valued at $36.8 million, including cash incentives and stock awards, through fiscal year 2025.

The layoffs come during a bad year for the tech workforce. The technology industry has already cut more than 100,000 jobs this year. For statistaand is on track to outperform in 2024 and 2025 if the trend of layoffs continues.

Companies like Amazon, roadblock, cisco, Cloudflare, dead, Microsoft and oracle They have let go of thousands of employees, and they all echo each other in citing the need to refocus expenses around AI projects as a reason to cut jobs and restructure their organizations.

Meanwhile, all of these companies have recently reported strong revenues and profits, citing clear strong demand for AI products, services, or the infrastructure needed to run AI. The stock prices of almost all of these companies also rose, as investors bet that AI would serve as a new avenue of growth for software companies everywhere.

However, Intuit was not seen as a beneficiary of the AI ​​boom, as its shares remained flat Poor performance The broadest range of the S&P 500 over the past 12 months. The company has signed up A broader stream of concerns Traditional SaaS companies will no longer be able to keep up or compete, as new and upcoming AI products and services threaten to change how software is developed and how it is used.

In the second fiscal quarter ending in January, Intuit I mentioned Revenues of $4.65 billion, an increase of 17%, and net profits of $693 million, an improvement of 48% compared to the previous year.

The company expects revenues to increase by about 10% in the third quarter, and will announce its results later today.