Intuit to Cut 17% Workforce, Take $300M–$340M Charge to Fund AI
Intuit is cutting 17% of its workforce—about 3,000 jobs—and will incur $300–340 million in restructuring charges as it flattens organizational layers and closes offices in Reno and Woodland Hills. Q3 revenue rose 10% year-over-year to $8.56 billion as Intuit accelerates AI integration across TurboTax, QuickBooks and Credit Karma.
1. Layoff Details
Intuit has announced a 17% reduction of its global workforce, equating to roughly 3,000 positions, as part of a broader effort to remove excess managerial layers and streamline decision-making processes.
2. Financial Impact
The company expects to record $300–$340 million in restructuring charges related to the layoffs, while reporting Q3 revenue of $8.56 billion, up 10% year-over-year, providing a financial buffer for strategic investments.
3. AI Strategy
Cost savings from the restructuring will be redirected into AI development across Intuit’s core businesses—TurboTax, QuickBooks and Credit Karma—where AI agents currently process over 50 million transactions weekly and identify millions in tax deductions.
4. Office Closures
As part of the realignment, Intuit will shutter its Reno, Nevada and Woodland Hills, California locations, consolidating teams into fewer sites to reinforce a leaner organizational structure.