Giant lays off nearly 3,000 employees, closes offices, assumes costs of up to $340 million, and increasingly bets on artificial intelligence, a move that shook investors and drove down shares in the United States.

Written by Alisson Ficher

Published on 05/06/2026 at 23:23

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17% Cut at Intuit Involves Nearly 3,000 Employees, Office Closures, and New Focus on Artificial Intelligence in a Restructuring Affecting Well-Known Brands Like TurboTax, QuickBooks, Credit Karma, and Mailchimp Amid Technology Company Reorganization.

Intuit, owner of TurboTax, QuickBooks, Credit Karma, and Mailchimp, announced a 17% cut of its full-time workforce, equivalent to nearly 3,000 employees in seven countries, as part of a restructuring aimed at simplifying operations and focusing investments on priorities such as artificial intelligence.

Announced on May 20, 2026, the decision comes during a period of changes in the financial software sector, where companies are expanding the use of generative AI tools in products related to taxes, accounting, credit, and financial management.

Cut Affects Offices and Changes Internal Structure

According to Reuters, the plan was communicated to employees in an internal memo signed by CEO Sasan Goodarzi, who attributed the reorganization to the need to reduce complexity, simplify the corporate structure, and improve product delivery capability.

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Artificial Intelligence Becomes Central to Intuit’s Strategy

The restructuring accompanies the expansion of artificial intelligence use in Intuit’s main products, including income tax, accounting, personal finance, credit, and digital marketing solutions for businesses and consumers.

The company has closed long-term agreements with OpenAI and Anthropic to integrate AI models into its software and also bring its own tax, finance, accounting, and marketing resources to platforms like ChatGPT and Claude.

This direction occurs as the company seeks to maintain the relevance of established brands in a market where AI tools have begun to offer automation, financial guidance, and digital customer service resources.

In the case of TurboTax, Intuit’s main brand in the tax filing segment in the United States, analysts cited by Reuters point out that language models may increase competition with paid tax advisory software.

TurboTax weighs on market reaction

On the same day it confirmed staff reductions, Intuit revised the annual revenue forecast for TurboTax, which moved to a range between $5.277 billion and $5.282 billion, below the previous projection of $5.305 billion to $5.330 billion.

Despite the specific revision for TurboTax, the company raised the total revenue forecast for the fiscal year 2026, estimating between $21.341 billion and $21.374 billion, with growth of approximately 13% to 14%.

After the release of the results and the restructuring plan, Intuit’s shares fell by 14% in after-hours trading, according to Reuters, in a reaction associated with investor doubts about TurboTax’s performance.

The company also estimated restructuring charges between $300 million and $340 million, largely recognized in the fourth fiscal quarter ending July 31, 2026, mainly related to severance and termination benefits.

Intuit brands are part of financial daily life

Intuit holds a significant position in the North American market by bringing together services used by consumers, small businesses, freelancers, and medium-sized companies at different stages of financial life.

Associated with the preparation and filing of income tax returns in the United States, TurboTax is one of the company’s most well-known brands in direct consumer relations.

QuickBooks serves businesses with accounting, payments, payroll, and financial management tools, while Credit Karma operates in the credit and personal finance area.

In the company’s portfolio, Mailchimp operates in the digital marketing and customer communication segment, expanding Intuit’s presence in services aimed at businesses and freelancers.

The combination of these brands explains the impact of the restructuring beyond the financial market, as the company offers services related to the fiscal, accounting, commercial, and financial routines of millions of users.

Layoffs accompany the reorganization of the technology sector

The Intuit cut adds to recent adjustments in technology companies seeking to reduce structures, eliminate overlaps, and direct capital to areas defined as priorities by their administrations.

Although each company presents its own reasons for their layoffs, the relationship between corporate reorganizations and investments in artificial intelligence has been monitored by workers, unions, investors, and industry analysts.

In the internal communication cited by Reuters, Goodarzi stated that simplifying the structure would help the company deliver better products, while the company framed the reorganization as part of an effort to make the operation faster and more focused.

Intuit did not present the measure as a direct replacement of workers with AI tools, but included technology among the strategic priorities that will guide the company’s redesign in upcoming cycles.

Restructuring changes the company’s employee framework

For the nearly 3,000 employees affected, the restructuring represents an exit determined by the company amid internal changes involving teams, offices, management layers, and areas considered strategic.

Even with well-known brands, billion-dollar revenues, and a consolidated presence in the financial software market, Intuit chose to reduce part of its workforce while expanding investments in new technological fronts.

Besides the layoffs, the closure of offices and the reduction of internal layers indicate a change in how the company intends to operate, with a concentration of resources in areas prioritized by the administration.

The company remains at the forefront of TurboTax, QuickBooks, Credit Karma, and Mailchimp, while the reduction of 17% of the team becomes part of the corporate reorganization linked to the advancement of artificial intelligence in the financial technology sector.

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Giant lays off nearly 3,000 employees, closes offices, assumes costs of up to $340 million, and increasingly bets on artificial intelligence, a move that shook investors and drove down shares in the United States.

17% Cut at Intuit Involves Nearly 3,000 Employees, Office Closures, and New Focus on Artificial Intelligence in a Restructuring Affecting Well-Known Brands Like TurboTax, QuickBooks, Credit Karma, and Mailchimp Amid Technology Company Reorganization.

Cut Affects Offices and Changes Internal Structure

Artificial Intelligence Becomes Central to Intuit’s Strategy

TurboTax weighs on market reaction

Intuit brands are part of financial daily life

Layoffs accompany the reorganization of the technology sector

Restructuring changes the company’s employee framework

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Giant lays off nearly 3,000 employees, closes offices, assumes costs of up to $340 million, and increasingly bets on artificial intelligence, a move that shook investors and drove down shares in the United States.

17% Cut at Intuit Involves Nearly 3,000 Employees, Office Closures, and New Focus on Artificial Intelligence in a Restructuring Affecting Well-Known Brands Like TurboTax, QuickBooks, Credit Karma, and Mailchimp Amid Technology Company Reorganization.

Cut Affects Offices and Changes Internal Structure

Artificial Intelligence Becomes Central to Intuit’s Strategy

TurboTax weighs on market reaction

Intuit brands are part of financial daily life

Layoffs accompany the reorganization of the technology sector

Restructuring changes the company’s employee framework

The end of Nokia: the brand that was the cellphone of an entire generation has ended its smartphones, left Brazil, and today survives only in basic phones in India while seeking a new partner.

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Cambodia has started digging a nearly 180-kilometer canal to connect the Mekong River directly to the sea and reduce its dependence on the ports of neighboring Vietnam.

China has put millions of electric cars on the roads, but now faces the side effect: more than 1 million tons of batteries are expected to go out of use per year by 2030, while the government expands tracking and combats illegal dismantling with environmental risks.

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