Intuit plans to cut workforce by about 17% as tax software maker reckons with slowing growth
Intuit has announced a workforce reduction of 17%, impacting over 3,000 employees as part of a restructuring effort. The decision comes amid slowing growth and concerns about the impact of artificial intelligence on established software products. Despite the layoffs, Intuit reported a slight increase in revenue and adjusted earnings per share for the fiscal third quarter.
- ▪Intuit is cutting 17% of its full-time workforce, affecting over 3,000 employees.
- ▪The company reported earnings of $12.80 per share on $8.56 billion in revenue for the fiscal third quarter.
- ▪Intuit's shares have dropped more than 40% this year, while the S&P 500 has gained roughly 8%.
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Tax and finance software maker Intuit said Wednesday that it's cutting 17% of its full-time workforce, the latest tech company to announce a mass downsizing during the artificial intelligence boom. Shares tumbled 11% in extended trading.The decision will affect over 3,000 people, based on the company's last reported employee count of 18,200. The restructuring will trigger $300 million to $340 million in charges, mostly in the current quarter, Intuit said."As we look ahead, we are further scaling our growth engines and architecting an organization that operates with greater velocity to deliver durable long-term growth," Intuit CEO Sasan Goodarzi said in a statement.Intuit, which makes QuickBooks and TurboTax, has been hammered by investors this year, alongside a broader downdraft in…
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