Software giant Intuit is laying off 17% of its workforce, or approximately 3,000 people, to redirect its resources toward developing artificial intelligence (AI) technologies. In an internal memo sent by CEO Sasan Goodarzi, it was stated that these cuts will serve to simplify the corporate structure and focus more on AI projects. This is reported by Techcrunch.com reports .
Intuit, known for financial and tax software such as TurboTax, QuickBooks, and Credit Karma, had 18,200 employees as of July 2025. So far, the company's leadership, including Goodarzi, whose annual compensation is $36.8 million, has not responded to questions about whether they will reduce their own salaries.
The current year has been quite difficult for the technology sector. According to Statista, more than 100,000 jobs have been cut in the industry since the beginning of the year. Giants like Amazon, Microsoft, Meta, and Oracle are also restructuring their organizations, laying off thousands of employees to fund AI projects.
Interestingly, most of these companies have reported strong revenue and profits due to high demand for AI products. However, Intuit shares have lagged behind the S&P 500 index over the past 12 months. Investors are concerned that traditional software-as-a-service (SaaS) offerings might lose out in competition with new AI technologies.
According to financial results, Intuit earned $4.65 billion in the second quarter, which is 17% more than last year. Net profit increased by 48% to $693 million. The company expects revenue to grow by 10% in the third quarter as well.
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