Tax preparation company Intuit to lay off 1,800 as part of an AI-focused reorg
Intuit reorganizes with AI focus, cutting 1,800 jobs (10% of workforce). Layoffs due to performance and reallocation. Offices in Boise and Edmonton to close. Affected employees to receive compensation. Shares drop 3.6%.
Read original article
Intuit, a tax preparation and financial software company, has announced a reorganization plan focused on artificial intelligence (AI) that includes laying off approximately 1,800 employees, about 10% of its workforce. The company plans to hire at least the same number of employees in fiscal 2025 as it shifts its focus to integrating AI into its products and services. CEO Sasan Goodarzi mentioned that over 1,000 of the layoffs were due to employees not meeting the company's expectations, while 300 positions are being eliminated to reallocate resources to key growth areas. Intuit will close offices in Boise, Idaho, and Edmonton, Canada, affecting more than 250 employees, some of whom will be relocated. The company stated that laid-off U.S. employees will receive a minimum of 16 weeks of pay, additional weeks based on years of service, and at least six months of health insurance coverage. The reorganization plan is expected to incur charges between $250 million and $260 million. Intuit's shares fell by 3.6% following the announcement.
Related
Tech layoffs: 98,000 impacted as Apple, Google, others continue job cuts
The tech industry faces widespread layoffs affecting 98,000 employees globally in 2024. Major companies like Apple, Google, Microsoft, and Meta are among the 333 firms implementing job cuts due to economic uncertainties and restructuring efforts.
Microsoft lays off employees in new round of cuts
Microsoft conducted layoffs impacting various teams globally, focusing on product and program management. The exact number of affected employees was undisclosed. These actions align with strategic growth priorities amid recent job cuts.
Microsoft lays off employees in new round of cuts
Microsoft conducts layoffs affecting product and program management roles without disclosing the exact number impacted. This aligns with previous job cuts, part of ongoing restructuring efforts for future growth and customer support.
UIPath to lay off 10% of workforce in companywide restructuring
UiPath is restructuring, cutting 10% of its workforce (420 jobs) due to declining shares and revenue challenges post-IPO. The move aims to enhance operational efficiency and AI investments, incurring $15-20 million in layoff costs. CEO transition also impacted market.
Intuit to Cut 10% of Employees in Latest Round of Tech Layoffs
Intuit Inc. is restructuring its workforce by cutting 1,800 employees, focusing on AI products. The decision affects 10% of the global workforce but aims to realign strategically, not for cost-cutting. Intuit plans to re-hire in engineering, product development, and sales to enhance AI commitment.
1 commentsRelated
Tech layoffs: 98,000 impacted as Apple, Google, others continue job cuts
The tech industry faces widespread layoffs affecting 98,000 employees globally in 2024. Major companies like Apple, Google, Microsoft, and Meta are among the 333 firms implementing job cuts due to economic uncertainties and restructuring efforts.
Microsoft lays off employees in new round of cuts
Microsoft conducted layoffs impacting various teams globally, focusing on product and program management. The exact number of affected employees was undisclosed. These actions align with strategic growth priorities amid recent job cuts.
Microsoft lays off employees in new round of cuts
Microsoft conducts layoffs affecting product and program management roles without disclosing the exact number impacted. This aligns with previous job cuts, part of ongoing restructuring efforts for future growth and customer support.
UIPath to lay off 10% of workforce in companywide restructuring
UiPath is restructuring, cutting 10% of its workforce (420 jobs) due to declining shares and revenue challenges post-IPO. The move aims to enhance operational efficiency and AI investments, incurring $15-20 million in layoff costs. CEO transition also impacted market.
Intuit to Cut 10% of Employees in Latest Round of Tech Layoffs
Intuit Inc. is restructuring its workforce by cutting 1,800 employees, focusing on AI products. The decision affects 10% of the global workforce but aims to realign strategically, not for cost-cutting. Intuit plans to re-hire in engineering, product development, and sales to enhance AI commitment.