Bond.az reports that Intuit shares fell 3.7% as CEO Sasan Goodarzi announced layoffs of 3,000 employees, representing 17% of the global workforce across seven countries. The restructuring aims to simplify operations and improve product delivery, Goodarzi stated in an internal memo.
Affected U.S. employees will depart by July 31, 2026, receiving 16 weeks of base pay plus two additional weeks per year of service. Offices in Reno, Nevada, and Woodland Hills, California, will be closed. RBC Capital reaffirmed a Buy rating ahead of earnings, but the layoff news overshadowed optimism.
Intuit continues to invest in AI, partnering with Anthropic and OpenAI. Analysts expect a strong Q3 with 10% revenue growth. Despite a broader market rally (S&P 500 +1.1%, Dow +1.4%, NASDAQ +1.4%), Intuit underperformed due to company-specific news.
This marks the largest percentage workforce cut by a U.S. fintech SaaS company in 2026 so far. The stock hit a session low of $376.00 before recovering to $384.85, well below its 52-week high of $813.70.
