Intuit CEO announced a major restructuring effort involving laying off 1,800 employees - about 10% of the workforce - while planning to hire the same number of new workers to focus on AI. The company aims to allocate additional investments to critical areas to support customers and drive growth.
The layoffs are not about cost-cutting; rather, they are aimed at streamlining operations and shifting resources toward AI. The company plans to grow its overall headcount by its 2025 fiscal year and consolidate tech roles to key strategic locations.
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