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Market Chatter: Intuit to Cut 17% of Workforce in AI-Focused Restructuring

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Intuit (INTU) is laying off about 17% of its global workforce, or roughly 3,000 employees, as part of a restructuring aimed at simplifying operations and sharpening focus on key priorities, including AI initiatives, Reuters reported Wednesday, citing an internal memo.

The company also plans to close its Reno and Woodland Hills offices as part of efforts to consolidate teams into key hubs, according to the news outlet.

Intuit said affected US employees will receive severance packages that include 16 weeks of base pay plus an additional two weeks for every year worked at the company, the report added.

Shares of Intuit were down nearly 3% in Wednesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $388.47, Change: $-11.25, Percent Change: -2.81%

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