Overview
- The company announced on Wednesday, May 20, 2026, that it will eliminate about 17% of its global staff—roughly 3,000 roles—with affected U.S. employees remaining through July 31 and receiving a defined severance package.
- Intuit reported fiscal third-quarter results that beat estimates and raised its full-year revenue and profit outlook while warning the cuts will generate $300 million to $340 million in restructuring charges.
- Leadership described the move as a simplification to remove management layers and duplicate coordination roles, and said it will close offices in Reno and Woodland Hills to consolidate teams into central hubs.
- The company has signed multi-year deals with OpenAI and Anthropic to embed their AI models into Intuit products and surface Intuit capabilities inside those platforms, a strategy executives say the reorganization will help accelerate.
- Investors reacted sharply: shares fell in trading after the announcement, and analysts and reporters note the layoffs follow a broader 2026 tech trend of job cuts paired with heavy AI investment, raising questions about productivity gains and talent loss.