Intuit slashes 3,000 jobs

Tax software giant Intuit has announced plans to cut approximately 17% of its workforce, or nearly 3,000 jobs, as it shifts its focus toward artificial intelligence.

The restructuring aims to simplify the company's operations and boost AI integration.

Intuit's shares have fallen significantly this year amid worries that AI could disrupt its core tax business.

The company stated that the layoffs will allow it to divert more resources toward its AI operating system and future growth engines.

This move follows a broader trend of major tech firms reducing headcount to fund their artificial intelligence pivots.