Intuit to Cut 17 Percent of Workforce After Revenue Miss
Intuit will cut 17 percent of its workforce after missing revenue targets as AI competition pressures its tax business. Shares fell 13 percent in trading.
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INTUIT INC will cut 17% of its workforce after missing quarterly revenue estimates on Wednesday evening. The reduction of nearly 3,000 roles globally follows a 42% decline in the stock price so far this year. Investors are increasingly concerned that generative AI models are disrupting the core tax-guidance business.
