Intuit layoffs: Finance software giant cuts 3,000 jobs amid growing AI shift

Intuit, the financial software giant known for products like TurboTax, QuickBooks, and Credit Karma, is laying off approximately 3,000 employees—about 17% of its global workforce of 18,200 as of July 2025. The move, announced in an internal memo from CEO Sasan Goodarzi, aims to streamline operations and redirect resources toward AI-driven innovation across its platforms. The company remains profitable, reporting $4.65 billion in revenue for the quarter ending January—a 17% year-over-year increase—and a 48% rise in net profit to $693 million. Despite these gains, Intuit is proactively restructuring to avoid falling behind competitors in the AI race, as investors increasingly favor firms with AI-native tools over traditional software. Intuit’s shares have underperformed compared to broader tech sector gains, particularly AI-focused companies. The layoffs align with a wider industry trend, where over 100,000 tech jobs have been cut globally in 2026 alone, according to Statista. Companies including Amazon, Meta, Microsoft, Oracle, and Cisco have also reduced headcounts while scaling AI investments. For Intuit, AI is becoming central to future growth, even if it means shrinking teams and restructuring departments. The company has not commented on whether executive compensation, including Goodarzi’s $36.8 million total pay in fiscal 2025, will be adjusted alongside the layoffs. The tech industry’s AI-driven reset is accelerating, with firms prioritizing automation and conversational tools over traditional software models. Intuit’s decision underscores the urgency to adapt before AI-native competitors reshape the market.