The tax software firm will cut over 3,000 jobs and incur $300M-$340M in charges as growth decelerates.
Intuit will reduce its full-time workforce by approximately 17%, affecting over 3,000 employees based on its last reported headcount of 18,200. The move will result in restructuring charges of $300 million to $340 million, primarily in the current quarter, the company said.
The layoffs follow a broader downturn in software stocks, with Intuit shares down more than 40% year-to-date, underperforming the S&P 500’s 8% gain. Investors have penalized the company amid concerns that AI could disrupt traditional software products like QuickBooks and TurboTax.
Shares fell 11% in extended trading after the announcement, which coincided with earnings results. Other tech firms, including ZoomInfo, Cloudflare, Cisco, and Meta, have also announced significant job cuts in recent weeks.