Company with office in Toronto cites AI push, structural simplification
Intuit, the financial technology company behind TurboTax, QuickBooks and Credit Karma, is cutting roughly 3,000 roles worldwide — 17 per cent of its full-time workforce — as it moves to streamline operations and scale its artificial intelligence capabilities.
In an email sent to employees, CEO Sasan Goodarzi said the company was "reducing complexity and simplifying our structure" to better deliver on growth, said the CBC.
"We must accelerate delivering undisputed customer benefits with an unmatched combination of data, AI, and human expertise.”
Affected workers were notified on May 21 about their employment status.
What's being cut at Intuit
The restructuring will reduce management, co-ordination-heavy and redundant roles, according to Goodarzi's note to employees.
Intuit also plans to wind down offices in Reno, Nev., and Woodland Hills, Calif., reduce investments in its Mailchimp marketing platform, and reduce overlap between TurboTax and Credit Karma now that those products have been integrated, said the CBC.
The company had roughly 18,200 employees in seven countries as of July 31, 2025, according to its annual report.
Intuit would not detail how many of the impacted jobs are in Canada, the company told CBC News. Intuit has an office in Toronto but previously closed its Edmonton location in a 2024 round of layoffs that affected 1,800 people globally.
Strong financials alongside cuts
The layoffs came just ahead of Intuit's third-quarter fiscal 2026 earnings release, in which the company raised its full-year revenue guidance to between $21.34 billion US and $21.37 billion US — up from an earlier projection of $21 billion US to $21.19 billion US. Total revenue for the quarter grew 10 per cent to $8.6 billion US year-over-year.
"We delivered strong third-quarter results, driven by our AI-driven expert platform strategy," Goodarzi said in the earnings release. The company also announced a new $8-billion US share repurchase authorization and a quarterly dividend increase of 15 per cent.
The job cuts are expected to cost Intuit about $300 million US to $340 million US in restructuring charges, largely to be recognized in the fourth fiscal quarter ending July 31, 2026, according to the company.
Part of broader tech trend
Intuit joins a growing list of technology companies that have announced significant job cuts in 2026, including 16,000 roles at Amazon, 4,000 at Block and about 15 per cent of the workforce at Pinterest.
While Intuit's cuts were not explicitly tied to AI, Block and Pinterest both cited AI as a factor behind their reductions.
Meta just cut 10 per cent of its global workforce this week as part of a broad organizational overhaul designed to accelerate the company's transition to AI-driven operations.
Intuit has signed multi-year deals with AI startups Anthropic and OpenAI to integrate their models into its software, while also adding Intuit's personalized tax, finance, accounting and marketing capabilities into Claude and ChatGPT, according to CBC News.
