Intuit Cuts 17% Workforce as Revenue Misses and AI Focus Grows

Intuit, the financial software company behind TurboTax and QuickBooks, announced a significant workforce reduction on Wednesday, cutting approximately 17 percent of its full-time employees. The move, which affects nearly 3,000 workers globally, coincides with a quarterly revenue miss and is framed by the company as a strategic pivot to streamline operations and intensify its focus on artificial intelligence.

Chief Executive Sasan Goodarzi communicated the decision to employees in a memo, stating that reducing complexity and simplifying the organizational structure would allow Intuit to become a faster, leaner, and more focused company. He said the changes are intended to help serve more customers and deliver breakthrough products. The company expects to incur restructuring charges between $300 million and $340 million related to the job cuts in its fourth quarter.

The announcement came alongside the release of Intuit's third-quarter financial results. The company reported revenue of $8.56 billion for the February-April period, which fell short of analysts' average estimate. Despite this, Intuit raised its full-year revenue and adjusted profit forecasts. The company's shares...