Intuit to cut 3,000+ jobs

Intuit said on May 20 that it would cut about 17% of its full-time workforce, or more than 3,000 jobs, as the maker of TurboTax and QuickBooks reorganizes around artificial intelligence and a narrower set of priorities. The company disclosed the cuts the same day it reported fiscal third-quarter revenue of $8.56 billion for the period ended April 30. CEO Sasan Goodarzi told employees in a memo that the restructuring was intended to reduce complexity, simplify the company’s structure and help it move faster. The company said the plan would result in $300 million to $340 million in restructuring charges, mostly in the current quarter. ### How large is the reduction? Intuit said the cuts amount to about 17% of its full-time workforce. Based on the company’s last reported employee count of 18,200, that translates to a little over 3,000 jobs. TechCrunch, citing a memo reported by Reuters, said affected employees were notified this week. The Mountain View, California, company had about 18,200 employees worldwide as of July 31, 2025, according to its annual report as cited in TechCrunch and the San Francisco Chronicle report surfaced in Yahoo Finance. (techcrunch.com) Neither of those reports disclosed a full breakdown by team or geography. ### What did Intuit say about the reason for the cuts? (techcrunch.com) Sasan Goodarzi said in the employee memo that the layoffs are meant to “reduce complexity” and simplify the corporate structure so Intuit can focus more heavily on AI efforts. CNBC reported that Goodarzi also said the company wants to operate with “greater velocity” as it scales what he called its growth engines. (techcrunch.com) Intuit has been positioning AI more centrally in its products as software companies face investor pressure to show they can defend growth and margins during the current AI buildout. TechCrunch said the memo framed the cuts as part of a push to divert resources toward embedding AI into the company’s offerings. ### How does this square with Intuit’s latest results? (techcrunch.com) Intuit reported $8.56 billion in revenue for the fiscal third quarter ended April 30, up 10% from a year earlier, and net income of about $3.06 billion, CNBC reported. The company also raised its full-year fiscal 2026 outlook to $21.34 billion to $21.37 billion in revenue and $23.80 to $23.85 in adjusted earnings per share. (techcrunch.com) The San Francisco Chronicle report summarized in Yahoo Finance said Intuit cut staff after reporting quarterly revenue rose 10% to about $8.6 billion and after raising its full-year forecast. That combination — layoffs announced alongside a higher outlook — is part of what made the move stand out. ### What else has the company disclosed? (cnbc.com) Intuit said the restructuring will trigger $300 million to $340 million in charges, mostly in the current quarter. CNBC reported the company’s shares fell 13% in extended trading after the earnings release and restructuring announcement. TechCrunch said Intuit did not immediately respond to questions about severance, management pay cuts or the exact locations of the affected jobs. (finance.yahoo.com) The report also noted that Goodarzi’s fiscal 2025 compensation was valued at $36.8 million, including cash incentives and stock awards. ### What happens next? Intuit’s investor relations site lists the fiscal third-quarter 2026 earnings materials, including the earnings release, webcast and transcript, for the quarter ended April 30. (cnbc.com) The company has said most restructuring charges will be recognized in the current quarter as the layoffs move through execution. (investors.intuit.com) (techcrunch.com)