Intuit plans – Intuit says it will cut 17% of its workforce—about 3,000 of roughly 18,200 global employees—as CEO Sasan Goodarzi frames the move as necessary to accelerate AI across TurboTax, QuickBooks, Credit Karma, and Mailchimp. The announcement lands just hours before i
On a Wednesday morning, Intuit’s stock slid as the company told employees it is planning deep cuts tied to an AI-first push—then moved to reshape operations at the same time.
Intuit announced it will axe 17% of its workforce, cutting about 3,000 jobs out of approximately 18,200 global employees as of July 31. In an internal memo sent to employees from CEO Sasan Goodarzi and posted on the company’s website. Intuit said it will focus on accelerating the integration of AI across the company and its services while streamlining operations.
The memo places the changes squarely on Intuit’s product lineup—TurboTax, QuickBooks, Credit Karma, and Mailchimp—arguing the restructure will help the software company deliver better products.
For workers, the timing came with a hard deadline: July 31 was cited as the last day for impacted employees. Those employees are reportedly set to receive a severance package that includes 16 weeks of pay, plus two additional weeks for each year of employment.
The plan also extends beyond layoffs. Intuit is reportedly closing key hubs in Reno, Nevada, and Woodland Hills, California, as part of the broader effort to restructure and streamline.
The announcement landed close to Intuit’s financial calendar. It came just hours before Intuit is due to report third-quarter earnings following Wednesday’s closing bell.
Markets appeared to react in real time. Shares of Intuit (Nasdaq: INTU) fell 5% in morning trading and were still down nearly 4% by midday Wednesday at the time of this writing.
The company’s latest results show why investors may be watching closely. Intuit’s second-quarter earnings reported revenue of $4.7 billion, beating expectations of $4.53 billion, and rising 17% year over year. Adjusted earnings per share (EPS) of $4.15 also topped analyst estimates of $3.68.
Still. the workforce decision arrives amid a familiar pressure point across Silicon Valley: how quickly companies can pivot to AI-first models. On the same day Intuit made its move public, Meta began notifying 8,000 employees of layoffs while canceling another 6,000 open roles. The tech sector has seen more cuts in recent days as well. including at Cloudflare. Coinbase. and Upwork in just the last 10 days.
Earlier this year, cuts have also been reported at Amazon, Block, Microsoft, and Oracle. Outside pure tech, workers have faced similar uncertainty: since the beginning of May, Starbucks and retail giant Walmart have confirmed layoffs.
Within the Intuit story. the sequence is clear: the memo frames AI integration and operational streamlining as the reason for cuts. then pairs that rationale with concrete changes for specific locations and a timetable for affected workers. That combination is what turns a corporate strategy slide into something immediate for employees—especially with third-quarter earnings looming later that day.
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