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Intuit Inc. announced plans to cut approximately 1,800 employees, about 10% of its global workforce, as part of a strategic shift towards investing in artificial intelligence (AI) and generative AI technologies. The company aims to realign its focus areas and enhance its product offerings with a strong emphasis on AI.
Despite the layoffs, Intuit remains optimistic about its financial health, highlighting its $14.4 billion revenue for fiscal year 2023. The company plans to rehire in customer-facing and engineering roles, expecting overall headcount growth by fiscal year 2025. Intuit's move towards AI is part of a broader strategy to innovate its products and expand into new markets.
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