Intuit CEO says company’s 17% workforce cut had ‘nothing to do with AI’
Intuit CEO says company’s 17% workforce cut had ‘nothing to do with AI’
Publish Date: 2026-05-20 19:00:00
Source Domain: www.cnbc.com
- Intuit, the parent company of TurboTax, Credit Karma, and QuickBooks, laid off approximately 17% of its workforce to streamline operations and improve execution, not due to AI advancements, according to CEO Sasan Goodarzi.
- The layoffs aimed to reduce management layers, eliminate coordination-heavy roles, and remove duplicative functions following closer integration of Credit Karma and TurboTax.
- Goodarzi emphasized that the cuts were part of creating a faster-moving “builder culture” and are not linked to concerns about AI replacing traditional jobs, despite the broader industry context.
- Amidst layoffs in the tech industry, Intuit’s actions contrast with investments in AI by companies like Microsoft, Meta, and Amazon.
- Goodarzi pushed back on the idea that generative AI poses an immediate threat to Intuit’s business, asserting that customers rely on human expertise for tax and accounting due to the high-stakes nature of these services.
- Intuit reported strong quarterly earnings, with revenue of $8.56 billion, slightly above analysts’ estimates, and adjusted earnings per share exceeding expectations.
