Intuit Layoffs 2024: What to Know About the Latest INTU Job Cuts

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  • Intuit (INTU) layoffs are coming for 1,800 of the company’s employees.
  • It will then turn around and hire another 1,800 workers.
  • This is part of its plan to refocus on AI.
Intuit Layoffs - Intuit Layoffs 2024: What to Know About the Latest INTU Job Cuts

Source: Julio Ricco / Shutterstock

Intuit (NASDAQ:INTU) layoffs are a hot topic on Wednesday after the TurboTax parent company announced plans to cut roughly 10% of its workforce.

Intuit notes that these layoffs will remove 1,800 positions from its business. It’s doing this as part of an effort to refocus on more important areas of interest. It will also result in the closure of its Boise, Idaho and Edmonton, Alberta locations.

To go along with this, Intuit says that it will be hiring 1,800 people across key areas. This includes engineering, product and customer-facing divisions. This comes with its desire to build out its artificial intelligence (AI) capabilities.

Intuit chief Sasan Goodarzi said the following about the layoffs in a statement obtained by Quartz:

“To fulfill our mission to power the prosperity of our customers around the world and strengthen our leadership position, we must accelerate our innovation and investments in the areas that are most important to our future success.”

Intuit Layoffs & AI

Intuit’s plan to conduct layoffs and refocus on AI makes sense. The AI sector has seen great movement over the last several months, and the company wants to join in on that.

On top of that, the financial counseling services offered by the company may benefit from AI enhancements. This could boost performance while also cutting operating costs.

INTU stock is down 3.9% as of Wednesday morning.

Investors will want to keep reading for more of the most recent stock market news!

InvestorPlace is home to all of the hottest stock market stories on Wednesday! Included in that is what’s happening with shares of GameStop (NYSE:GME), Baidu (NASDAQ:BIDU) and Albemarle (NYSE:ALB) stock this morning. All of this news is ready at the links below!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.


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