By Dean Seal and Kristin Broughton
Intuit plans to lay off 17% of its workforce, or about 3,100 employees, and invest the savings in "big bets" as it makes artificial intelligence a centerpiece of its business.
The maker of TurboTax and QuickBooks said Wednesday that slimming down its staff would improve efficiency companywide. The restructuring is expected to cost about $300 million to $340 million, most of which will be recognized in the current summer quarter.
Chief Financial Officer Sandeep Aujla said the layoffs are focused on coordination-related roles including project managers and business operations teams. Mid- and lower-level managerial roles are being removed as well.
The resulting company will be leaner and more focused, according to Aujla, who said the cuts weren't directly tied to Intuit's own use of AI.
