Intuit (INTU) Stock Drops 5% After 17% Workforce Cut Announcement

TLDR

• Intuit is cutting about 3,000 jobs, roughly 17% of its global workforce
• INTU stock fell nearly 5% on the news in morning trading
• CEO Sasan Goodarzi says the cuts will reduce complexity and sharpen focus on AI
• Intuit has multi-year deals with both OpenAI and Anthropic to integrate AI into its products
• The company is also closing its Reno and Woodland Hills offices as part of the restructuring

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Intuit (INTU) dropped nearly 5% in morning trading on Wednesday after Reuters reported the company plans to cut around 3,000 jobs — about 17% of its global workforce across seven countries.

Intuit Inc., INTU

The news broke the same day Intuit was scheduled to report its third-quarter earnings results.

CEO Sasan Goodarzi sent an internal memo to staff outlining the decision. He said reducing complexity and simplifying the company’s structure would help it deliver better products.

Intuit had approximately 18,200 employees as of July 31, 2025.

The cuts are framed as a move to sharpen focus on what Goodarzi called the company’s “big bets” — most notably its push into artificial intelligence.

AI at the Center of the Restructuring

Intuit has already secured multi-year deals with both OpenAI and Anthropic to integrate their AI models — ChatGPT and Claude — into its software products.

The company also plans to fold its own tax, finance, accounting, and marketing capabilities into those platforms.

For U.S. employees affected by the cuts, the last day will be July 31. Severance includes 16 weeks of base pay, plus two additional weeks for every year worked at the company.

Intuit is also winding down its offices in Reno and Woodland Hills as part of a broader effort to consolidate teams into key hubs.

Joining a Growing List of Tech Layoffs

Intuit joins a growing list of tech companies that have announced job cuts in 2026, including Block, Amazon, and Pinterest.

Over 140 tech companies have laid off more than 111,000 employees so far this year, according to Layoffs.fyi. That compares to around 124,636 for all of 2025.

Some companies have pointed to AI-driven efficiencies as a reason for headcount reductions. At the World Economic Forum in January, two executives told Reuters that AI was being used as a convenient cover by companies already planning layoffs.

Intuit has not yet publicly commented on the Reuters report.

The company’s Q3 earnings results were expected later the same day the memo surfaced.

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