Intuit Layoffs in the News

Forum|Forum|2 years ago
July 11, 2024
3 replies
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"Tax preparation and financial software company Intuit announced an AI-focused reorganization plan Wednesday that includes laying off about 10% of its workforce.

The company behind QuickBooks and TurboTax said it was laying off 1,800 employees, but that it expects to hire at least that many in fiscal 2025 as it accelerates its focus on incorporating artificial intelligence into its products and services."

... Intuit shares fell 3.6% in morning trading to $626.29 per share.

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IRonMaN

Level 15

I think a lot of folks that have called support would say that support has been staffed with artificial instead of real intelligence for years. As a side note, Jim is not having a good morning.

Slava Ukraini!

PATAX

Level 12

I thought that when a company announces layoffs that the stock price usually increases because of anticipated increased net profits. But this went the other way. Hmm.

T

TaxGuyBill

Level 15

@dascpa wrote:

as it accelerates its focus on incorporating artificial intelligence into its products and services."

I wonder how much Intuit is going to raise their prices for that.

Rather than being on "hold" for an hour to contact Customer Support, we'll have the privilege of talking to a computer instead. After arguing with the computer for an hour, it may finally realize it can't help us so it will say "please hold for a customer representative ...".