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

As the technology industry races to reinvent itself around artificial intelligence, financial software giant Intuit has become the latest major player to cut thousands of jobs in the name of AI transformation.

The company is laying off roughly 3,000 employees, amounting to nearly 17 per cent of its workforce, according to an internal memo from chief executive Sasan Goodarzi cited by Reuters. The restructuring effort is designed to simplify Intuit’s organisational structure and redirect resources towards AI-driven development across its products and services.

Known for consumer and business finance platforms such as TurboTax, QuickBooks and Credit Karma, Intuit employed approximately 18,200 people globally as of July 2025.

A profitable company making deep cuts

Unlike traditional cost-cutting exercises during downturns, Intuit’s layoffs are unfolding while the company continues to post strong financial results.

In the quarter ending January, Intuit reported revenue of $4.65 billion, marking a 17 per cent year-on-year increase. Net profit climbed even faster, rising 48 per cent to $693 million. The company has also forecast roughly 10 per cent revenue growth for the current quarter, with results expected later today.

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Despite these numbers, Intuit appears determined to reshape itself around AI before competitive pressures intensify further. Investors and software companies alike are increasingly concerned that conventional software-as-a-service businesses could struggle against newer AI-native tools that promise faster automation and more conversational ways of working.

The company’s shares have also failed to match the broader rally seen across the technology sector over the past year, particularly compared with firms perceived as clear AI winners.

Goodarzi, whose total compensation package reportedly reached $36.8 million in fiscal 2025 through salary, incentives and stock awards, has not publicly commented beyond the memo. Intuit has also not responded to questions regarding executive pay reductions alongside the layoffs.

Tech industry’s AI reset accelerates

Intuit’s announcement reflects a wider pattern spreading across Silicon Valley and the global tech sector.

This year alone, the technology industry has shed more than 1,00,000 jobs, according to Statista data, with cuts continuing at a pace that could surpass previous years. Companies including Amazon, Meta, Microsoft, Oracle, Cisco, Cloudflare and Block have all announced sizeable workforce reductions while simultaneously increasing investments in AI infrastructure, tools and research.

For many firms, AI is no longer being treated as an experimental side project. It is rapidly becoming the centrepiece of future growth strategies, even if that means shrinking teams, restructuring departments and rewriting the rules of how software businesses operate.