United States fintech firm Intuit slashes workforce, stock sinks
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NEW YORK — Intuit shares fell as much as 14% in extended trading after the financial software company announced a restructuring plan that will cut 17% of its workforce, or about 3,000 corporate jobs. The move, disclosed in an internal memo and discussed by Chief Executive Officer Sasan Goodarzi on CNBC’s Mad Money, comes during a difficult 2026 in which Intuit’s stock has already dropped about 42%. Goodarzi said the layoffs are aimed at improving speed, efficiency and reducing organizational complexity, and not driven by artificial intelligence or automation. The company expects to incur a one-time restructuring charge of $300 million to $340 million this quarter, largely tied to severance and office closures, as it seeks to operate with a leaner structure.
NEW YORK — The cuts will primarily affect middle and lower management, project coordinators and operational roles that Intuit describes as focused on coordination rather than execution, according to Chief Financial Officer Sandeep Aujla. Intuit will also close regional offices in Reno, Nevada, and Woodland Hills, California, and consolidate remaining staff into larger hubs. Affected U.S. employees will remain on the payroll until July 31 and will receive at least 16 weeks of base pay, plus an additional two weeks of pay for every year of service. The layoffs add to a broader wave of tech job reductions, following Meta’s 8,000-person cut and downsizings at Cisco and ZoomInfo, which have contributed to more than 111,000 tech workers losing their jobs at over 140 companies in the first five months of 2026.
More context
Timeline
- 2026 Intuit stock falls about 42 percent
- Recently Intuit announces major restructuring and layoffs
- Recently Company confirms 17 percent workforce reduction
- Recently About 3,000 corporate roles eliminated
- Recently CEO Goodarzi issues internal memo companywide
- Recently Goodarzi appears on CNBC Mad Money
- Recently Firm highlights efficiency and complexity reduction
- Recently Intuit deepens generative AI partnership investments
Why it matters
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