Intuit Inc. is cutting about 17% of its staff, or about 3,000 workers, Reuters reported, citing an internal company memo.
The software company's job cuts are intended to reduce complexity and simplify the structure, Reuters said, citing an internal note from Chief Executive Officer Sasan Goodarzi. A representative for Intuit did not immediately respond to a request for comment.
Intuit is scheduled to report earnings Wednesday after the close. The shares fell as much as 5.9% to $376 after trading got underway in New York.
Intuit is the latest in a growing string of tech companies that have slashed their workforces this year. Bloomberg reported earlier that Meta Platforms Inc. has begun alerting thousands of employees that they're being laid off, part of a previously announced restructuring aimed at reducing costs while the company invests heavily in artificial intelligence.
Intuit in July 2024 cut 1,800 employees, or about 10% of its workforce, saying at the time that the move was not meant to cut costs but that it expected to re-hire the same number of employees in other areas.
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