Intuit plans to cut workforce by about 17% as tax software maker reckons with slowing growth

Key points

• Tax and finance software maker Intuit said Wednesday that it is cutting 17% of its full-time workforce, the latest tech company to announce a mass downsizing during the artificial intelligence boom.
• Shares tumbled 13% in extended trading.
• The decision will affect over 3,000 people, based on the company's last reported employee count of 18,200. The restructuring will trigger $300 million to $340 million in charges, mostly in the current quarter, Intuit said.
• "As we look ahead, we are further scaling our growth engines and architecting an organization that operates with greater velocity to deliver durable long-term growth," Intuit CEO Sasan Goodarzi said in a statement.
• Intuit, which makes QuickBooks and TurboTax, has been hammered by investors this year, alongside a broader downdraft in software, as Wall Street fears that AI will displace some products and services from established companies.