Intuit Job Cuts in 2025: 10% Workforce Reduction Amid AI Transformation
In 2025, Intuit announced a strategic shift focusing on AI, cutting 10% of its workforce but planning to rehire with an emphasis on artificial intelligence roles to drive future growth.
Intuit Announces 10% Workforce Reduction to Accelerate AI Innovation
Highlights
- Intuit is restructuring by reducing 10% of its employees and recruiting new talent dedicated to advancing artificial intelligence initiatives.
- The company, known for TurboTax and QuickBooks, will eliminate approximately 1,800 jobs and close offices in Boise, Idaho, and Edmonton, Alberta.
- CEO Sasan Goodarzi emphasized the pivotal role of AI in shaping the company's future trajectory.
Shares of Intuit (INTU) declined following the announcement of a workforce reorganization aimed at prioritizing AI development. The company revealed plans to lay off 1,800 staff members, representing roughly 10% of its global workforce, while simultaneously committing to hire a comparable number of employees with AI expertise in fiscal year 2025.
Intuit detailed that the office closures in Boise and Edmonton are part of this strategic realignment to strengthen technology teams in key locations. The restructuring is expected to incur costs between $250 million and $260 million, primarily impacting the fiscal fourth quarter ending July 31, with completion targeted by October 31.
Strategic Outlook and Financial Impact
CEO Sasan Goodarzi described this period as a critical juncture for Intuit, driven by rapid advancements in artificial intelligence. He stressed the necessity to accelerate innovation and invest in growth sectors vital for the company's sustained success.
Following the news, Intuit's stock price dropped 2.9%, closing at $630.72. Despite recent volatility, including a customer loss warning related to TurboTax's free filing service, the company remains focused on leveraging AI to enhance its financial software offerings.
For more updates and news tips, contact ZAMONA reporters at tips@ZAMONA.
Discover engaging topics and analytical content in Company News as of 15-07-2024. The article titled " Intuit Job Cuts in 2025: 10% Workforce Reduction Amid AI Transformation " provides new insights and practical guidance in the Company News field. Each topic is meticulously analyzed to deliver actionable information to readers.
The topic " Intuit Job Cuts in 2025: 10% Workforce Reduction Amid AI Transformation " helps you make smarter decisions within the Company News category. All topics on our website are unique and offer valuable content for our audience.