Intuit is laying off approximately 3,200 employees (17% of its global workforce) to streamline operations and redirect resources toward AI product development. CEO Sasan Goodarzi cited the need to reduce corporate complexity and accelerate AI integration across products like TurboTax, QuickBooks, and Credit Karma. The move is part of a broader 2026 tech industry trend, with over 100,000 tech jobs already cut this year by companies including Amazon, Cisco, Meta, and Microsoft — all citing AI refocusing as justification. Despite reporting strong financials (17% revenue growth and 48% net profit improvement in Q2), Intuit's stock has underperformed the S&P 500, reflecting investor concerns that traditional SaaS companies may struggle to compete in an AI-driven landscape.
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