Intuit to Cut 17% of Workers to ‘Simplify’ Structure (1)

Intuit Inc. is cutting about 17% of its staff, or about 3,000 workers, a move to trim costs while the financial software company invests in artificial intelligence products.

The job reductions are meant to simplify the organization and “become a faster, leaner, more focused company,” Intuit said Wednesday in a statement reporting its fiscal third-quarter results. The company said it expects to incur about $320 million in restructuring charges, largely in the current period.

Intuit’s shares fell 4% to $383.93 at Wednesday’s close after Reuters reported earlier on the job cuts. The company’s stock is down 42% this year.

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