Intuit layoffs today: Stock takes a dive as company cuts 17% of jobs, citing AI acceleration

And the layoffs continue: Intuit announced Wednesday it plans to axe 17% of its workforce, about 3,000 of its approximately 18,200 global employees (as of July 31, according to its annual report ). The company said it will focus on accelerating the integration of AI across the company and its services, while streamlining operations. The news is based on an internal ‌memo sent to employees from CEO Sasan Goodarzi (and now posted on the company’s website) which argued the move would help the software company behind TurboTax, QuickBooks, Credit Karma, and Mailchimp deliver better products. In an effort to restructure and streamline, Intuit is also reportedly closing key hubs in Reno, Nevada, and Woodland Hills, California. The memo cites July 31 as the last day for impacted workers, who will reportedly receive a severance pay package that includes 16 weeks, plus two additional weeks for each year of employment. Fast Company has reached out to Intuit for comment. The move comes just hours