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What is the story about?
Intuit, the parent company of TurboTax and QuickBooks, plans to lay off more than 3,000 employees globally, or nearly 17% of its workforce, as part of a broader restructuring aimed at sharpening its focus on artificial intelligence, according to an exclusive Reuters report.
The company informed employees through an internal memo that the cuts are intended to streamline operations and prioritise key growth areas, particularly AI-driven products and services. Reuters reported that Intuit has also signed multi-year agreements with Anthropic and OpenAI to integrate their AI models into its software ecosystem.
According to the Reuters report, affected US employees will remain on payroll until July 31 and receive 16 weeks of base pay, along with an additional two weeks for every year spent at the company. Intuit is also shutting down its Reno and Woodland Hills offices as part of efforts to consolidate teams into key operational hubs.
The company had around 18,200 employees across seven countries as of July 2025. Shares of Intuit fell nearly 5% in morning trade following the development.
The move comes amid growing disruption across Silicon Valley, where several technology firms have linked workforce reductions to AI-led efficiency gains.
Earlier today, reports emerged that Meta plans to cut 8,000 jobs and redeploy another 7,000 employees to AI-focused teams as part of a global restructuring, underscoring how the tech industry’s AI pivot is reshaping hiring, workplace morale and workforce structures amid more than 110,000 layoffs in 2026. Companies including Block, Amazon and Pinterest have also announced job cuts this year.
The company informed employees through an internal memo that the cuts are intended to streamline operations and prioritise key growth areas, particularly AI-driven products and services. Reuters reported that Intuit has also signed multi-year agreements with Anthropic and OpenAI to integrate their AI models into its software ecosystem.
According to the Reuters report, affected US employees will remain on payroll until July 31 and receive 16 weeks of base pay, along with an additional two weeks for every year spent at the company. Intuit is also shutting down its Reno and Woodland Hills offices as part of efforts to consolidate teams into key operational hubs.
The company had around 18,200 employees across seven countries as of July 2025. Shares of Intuit fell nearly 5% in morning trade following the development.
The move comes amid growing disruption across Silicon Valley, where several technology firms have linked workforce reductions to AI-led efficiency gains.
Earlier today, reports emerged that Meta plans to cut 8,000 jobs and redeploy another 7,000 employees to AI-focused teams as part of a global restructuring, underscoring how the tech industry’s AI pivot is reshaping hiring, workplace morale and workforce structures amid more than 110,000 layoffs in 2026. Companies including Block, Amazon and Pinterest have also announced job cuts this year.
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