Intuit Inc. is an American multinational business software company founded in 1983 and headquartered in Mountain View, California. It specializes in financial software. Some of its products include TurboTax, a tax preparation software, and Quickbooks, an accounting software for businesses.
According to reports, Intuit has announced plans to lay off 1,800 employees, which amounts to about 10% of its workforce, to focus on artificial intelligence-powered tax preparation software and other financial products. It will also close its sites in Edmonton, Canada, and Boise, Idaho, as part of the restructuring.
The report further mentions that the company plans to rehire about 1,800 people in engineering, product, and customer-facing roles by 2025 as it plans to expand into new markets like Canada, the United Kingdom, and Australia. The layoffs will cost Intuit between $250 million and $260 million USD.
