US-based IT company Intuit has announced plans to lay off about 1,800 employees, affecting 10% of its workforce. CEO Sasan Goodarzi shared this news in an open letter to employees, clarifying that the layoffs are not a cost-cutting measure. Instead, the company intends to re-hire the same number of employees, particularly in its engineering, product, and sales divisions.
Goodarzi explained that over 1,000 of the employees being let go were not meeting expectations. Additionally, the company plans to reduce its executive team by about 10% to enhance decision-making efficiency.
Intuit will also close its sites in Edmonton, Canada, and Boise, Idaho, eliminating 300 roles to streamline operations. Another 80 technology roles will be consolidated to locations such as Atlanta, Bengaluru, and Tel Aviv as part of the layoff strategy.
The company hopes the layoffs will cost between $250 million and $260 million, with most of these charges expected in the fourth quarter, according to a regulatory filing. Despite these changes, Goodarzi expressed optimism about Intuit's future growth, expecting to increase headcount in fiscal 2025 and beyond.
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