Intuit Layoffs 2024: What to Know About the Latest INTU Job Cuts
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Intuit (NASDAQ:INTU) layoffs are a hot topic on Wednesday after the TurboTax parent company announced plans to cut roughly 10% of its workforce.
Intuit notes that these layoffs will remove 1,800 positions from its business. It’s doing this as part of an effort to refocus on more important areas of interest. It will also result in the closure of its Boise, Idaho and Edmonton, Alberta locations.
To go along with this, Intuit says that it will be hiring 1,800 people across key areas. This includes engineering, product and customer-facing divisions. This comes with its desire to build out its artificial intelligence (AI) capabilities.
Intuit chief Sasan Goodarzi said the following about the layoffs in a statement obtained by Quartz:
“To fulfill our mission to power the prosperity of our customers around the world and strengthen our leadership position, we must accelerate our innovation and investments in the areas that are most important to our future success.”
Intuit Layoffs & AI
Intuit’s plan to conduct layoffs and refocus on AI makes sense. The AI sector has seen great movement over the last several months, and the company wants to join in on that.
On top of that, the financial counseling services offered by the company may benefit from AI enhancements. This could boost performance while also cutting operating costs.
INTU stock is down 3.9% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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