Intuit to Lay Off 3,000 Employees and Close Two Offices
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2026
0mins
Source: stocktwits
- Layoff Plan: Intuit plans to lay off approximately 3,000 employees, representing 17% of its global workforce, to sharpen its focus on artificial intelligence, with affected employees' last day set for July 31, 2026, and severance including 16 weeks of base pay plus two additional weeks for each year of service, aimed at improving execution and product quality.
- Office Closures: As part of the restructuring, Intuit will close two U.S. offices located in Reno, Nevada, and Woodland Hills, California, a move that complements the company's partnerships with Anthropic and OpenAI, aimed at integrating generative AI across products like TurboTax, QuickBooks, and Mailchimp.
- Market Reaction: Following the layoff announcement, Intuit's stock fell nearly 3% in Wednesday's opening trade, indicating market concerns regarding the restructuring plan, although retail investor sentiment on Stocktwits remained in the 'extremely bullish' territory.
- Earnings Expectations: Intuit is set to release its third-quarter earnings report after the market closes today, with expectations of earnings per share at $12.57 and revenue at $8.54 billion, reflecting potential growth despite the ongoing structural adjustments compared to last year's figures of $11.65 EPS and $7.75 billion revenue.
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Analyst Views on INTU
Wall Street analysts forecast INTU stock price to rise
18 Analyst Rating
16 Buy
2 Hold
0 Sell
Strong Buy
Current: 276.730
Low
700.00
Averages
814.59
High
880.00
Current: 276.730
Low
700.00
Averages
814.59
High
880.00
About INTU
Intuit Inc. offers a financial technology platform that helps consumers and small and mid-market businesses prosper by delivering financial management, compliance, and marketing products and services. It also provides specialized tax products to accounting professionals. It helps small and mid-market businesses grow and run their business all in one place, including bookkeeping, getting paid, accessing capital, paying employees, getting and retaining customers, and managing their customer relationships. The Company's offerings include TTurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite. Lacerte, ProSeries, and ProConnect Tax Online are its tax preparation offerings for professional accountants. Its financial management includes payments and capital, compliance, human capital management, and marketing products and services. For accounting professionals, the Company provides professional tax and financial management products and services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Deteriorating Market Conditions: The total number of IRS filers is expected to decline by approximately 30 basis points, leading to only a 2% growth in TurboTax online paying units, marking the most significant industry-wide contraction since the post-COVID tax season, further exacerbating investor concerns about Intuit's future performance.
See More
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- Software Stock Pressure: Oracle's stock plummeted over 11% due to higher-than-expected capital expenditures, forecasting full-year spending of $70 billion, which is $20-25 billion above market expectations, thereby limiting overall market gains.
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See More
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- Oil Price Volatility: WTI crude oil prices exhibited extreme volatility as President Trump threatened continued attacks on Iran and control over the Kharg Island oil terminal, leading to heightened concerns about global energy supply, with prices rallying more than 1% at one point.
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