Intuit to cut about 1,800 jobs as it looks to increase AI investments
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Intuit, the parent company of TurboTax, plans to cut about 1,800 jobs, or 10% of its workforce, as it focuses on its AI-powered tax preparation software and other financial products. The company will close two sites in Edmonton, Canada, and Boise, Idaho. However, Intuit will rehire 1,800 new employees primarily in engineering, product, and customer-facing roles. The layoffs will cost Intuit between US$250 million and US$260 million, with most of the charge expected to be incurred in the fourth quarter. Intuit plans to increase investments in generative AI and expand into new markets, including Canada, the United Kingdom, and Australia.

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