AI revolution: Intuit on firing 1,800 employees

AI revolution: Intuit on firing 1,800 employees

American business software company Intuit is laying off 1,800 employees who make up 10% of the company's workforce.

"It's just the beginning of the AI revolution," Intuit CEO Sasan Goodarzi told employees.

"Companies that aren't prepared to take advantage of this AI revolution will fall behind and, over time, will no longer exist," he added.

Intuit will shut offices in Edmonton, Canada and Boise, Idaho, as part of its restructuring efforts while consolidating specific technology roles in larger hubs.

The company also plans to accelerate its expansion efforts in Canada, the UK, and Australia, states the report.

Intuit disclosed in a filing with the US Securities and Exchange Commission on Wednesday that it anticipates incurring costs between $250 million and $260 million due to the workforce reduction, primarily related to severance payments.

Technology firms have seen a significant increase in layoffs post-pandemic, displaying greater agility in changing priorities and letting go of employees.

The list includes some of the major tech giants like Google, Meta, Tesla, Amazon and More.