Intuit announced Wednesday that it's cutting 1,800 employees, 1,050 of whom weren't meeting expectations. "We've significantly raised the bar on our expectations of employee performance," the CEO wrote in the email included in an SEC filing.
The company is moving forward with a 'reorganization' plan to focus on key growth areas, including AI. It's not a cost-reduction measure but aims to streamline work and reallocate resources.
"We do not do layoffs to cut costs, and that remains true in this case," said CEO Sasan Goodarzi. Intuit plans to hire a 'nearly equivalent number of employees in fiscal 2025' and expects overall head count growth.
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