Intuit announced in May 2026 that it is laying off approximately 3,000 employees — about 17% of its global workforce — as the company redirects resources toward artificial intelligence development.
CEO Sasan Goodarzi outlined the decision in an internal memo, saying the cuts are intended to reduce complexity, simplify the company’s corporate structure, and sharpen its focus on AI. The company had 18,200 employees worldwide as of July 2025, according to its annual report.
Intuit makes accounting, tax, and personal finance software including TurboTax, QuickBooks, and Credit Karma. The company did not immediately respond to requests for comment, or to questions about whether its management, directors, or CEO would take a pay cut. Goodarzi’s total compensation — including cash incentives and stock awards — was $36.8 million during fiscal 2025.
The layoffs arrive during a difficult stretch for the broader tech industry, which has already cut more than 100,000 jobs in 2026, according to Statista, and is on pace to exceed totals from both 2024 and 2025. Companies including Amazon, Block, Cisco, Cloudflare, Meta, Microsoft, and Oracle have each made significant cuts, with many citing a need to realign spending around AI.
Unlike several of those peers, Intuit has not been widely seen as a direct beneficiary of the AI boom. Its shares have consistently underperformed the broader S&P 500 over the past 12 months, amid concerns that traditional software-as-a-service companies may struggle to compete as AI reshapes how software is built and used.
Financially, the company reported revenue of $4.65 billion in its fiscal second quarter ended January 2026, a 17% year-over-year increase, along with net profit of $693 million, up 48% from the prior year. Intuit expects revenue to grow roughly 10% in its third quarter, results for which were due to be reported on the same day as the layoff announcement.
Source: TechCrunch