Intuit to lay off about 3,000 employees, cutting 17% of global workforce

Intuit has laid off 17 per cent of its full-time workforce — or about 3,000 roles worldwide — as it plans to streamline the business and focus on key areas, including AI.

Enterprise software giant Intuit is eliminating approximately 3,000 positions, representing 17 percent of its workforce, as the company redirects resources toward integrating AI capabilities into its product lineup. The post Financial Software Giant Intuit Lays Off 17% of Workforce as It Embraces AI appeared first on Breitbart.

The move will affect about 3,000 employees worldwide.

Financial software giant Intuit is reportedly laying off nearly 17% of its global workforce, impacting around 3,000 employees. This significant restructuring, aimed at simplifying operations and boosting AI integration, follows recent partnerships with OpenAI and Anthropic. The move comes as Intuit, like other tech firms, pivots towards AI-driven efficiencies amidst broader industry layoffs.

Intuit is reportedly cutting about 3,000 jobs, or 17% of its workforce, as it restructures around AI and simplifies its corporate organization. TechCrunch reports: The layoffs come during a bad year for the tech workforce. The tech industry has already cut more than 100,000 jobs this year, per Statista, and is on track to outpace both 2024 and 2025 if the layoff trend continues. Companies such as Amazon, Block, Cisco, Cloudflare, Meta, Microsoft, and Oracle have let go of thousands of employees each, all of them citing a need to refocus expenditures around AI projects as a reason to cut jobs and restructure their organizations. [...] Intuit, however, hasn't been perceived as a beneficiary of the AI boom, with its shares consistently underperforming in the broader S&P 500 over the past 12 months. The company has been caught up in the broader current of worries that traditional software-as-a-service firms will not 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 its fiscal second quarter ended January, Intuit reported revenue of $4.65 billion, a 17% increase, and net profit of $693 million, a 48% improvement compared to a year earlier. The company expects revenue to increase by about 10% in the third quarter, for which it will report results later today. Read more of this story at Slashdot.

Intuit's stock has been hammered this year as investors worry that generative artificial intelligence models could threaten software companies.