Tribune News Service
Intuit plans to eliminate 17% of its workforce, about 3,000 of its approximately 18,200 global employees, Reuters reported on Wednesday.
The global financial technology company, whose product portfolio includes TurboTax, QuickBooks, Credit Karma, and Mailchimp, said it will focus on accelerating the integration of artificial intelligence across the company and its services while streamlining operations.
The news is based on an internal memo sent to employees from CEO Sasan Goodarzi, who said reducing complexity and simplifying the structure would help Intuit deliver better products.
Intuit is also reportedly closing key hubs in Reno, NV, and Woodland Hills, CA. The company’s global headquarters is in Mountain View, CA.
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.
Intuit’s second-quarter earnings reported $4.7 billion in revenue, beating expectations of $4.53 billion, and up 17% year over year. Adjusted earnings per share of $4.15 topped analyst estimates of $3.68.
Photo caption: Intuit CEO Sasan Goodarzi (Intuit/YouTube)
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Tags: Artificial Intelligence, intuit, job cuts, layoffs, Payroll, Technology
