Intuit (INTU) shares fell nearly 5% in morning trading on Wednesday after the company confirmed plans to cut approximately 3,000 jobs—roughly 17% of its global workforce—as part of a sweeping restructuring aimed at sharpening its focus on artificial intelligence.
CEO Sasan Goodarzi detailed the cuts in an internal memo to staff, saying the moves would reduce organizational complexity and streamline operations to deliver better products. The layoffs span seven countries and add Intuit to a growing list of tech firms trimming headcount in 2026, joining the likes of Block, Amazon, and Pinterest. More than 111,000 technology workers have lost their jobs this year, according to Layoffs.fyi, surpassing last year’s total.
The company, which employed about 18,200 people as of mid-2025, is also closing offices in Reno and Woodland Hills to consolidate teams into key hubs. Affected U.S. employees will remain on payroll through July 31 and receive severance that includes 16 weeks of base pay plus two additional weeks for each year of service.
AI partnerships take center stage – Intuit has secured multi-year deals with OpenAI and Anthropic to embed their AI models—ChatGPT and Claude—into its tax, accounting, and personal finance software. The restructuring is designed to accelerate those efforts, which Goodarzi described as the company’s “big bets.”
The news broke on the same day Intuit was scheduled to report third-quarter earnings. While the stock later pared some losses, closing down about 3%, the announcement rekindled concerns that AI-driven disruption could challenge Intuit’s core businesses, including the struggling Mailchimp email marketing unit, which saw revenue dip 21% last quarter. Still, the company’s overall revenue rose 17% to $4.7 billion in its latest reported period, supported by strength in TurboTax and Credit Karma.
