(Reuters) - TurboTax-parent Intuit said on Wednesday it will let go of about 1,800 employees, or 10% of its workforce, as it looks to reinvest capital in other critical areas.
The company, which has invested heavily in providing generative AI-powered accounting and tax preparation tools for small and medium businesses in the past few years, expects to close two of its sites in Edmonton, Canada, and Boise, Idaho.
Intuit will rehire 1,800 new people primarily in engineering, product, and customer-facing roles, CEO Sasan Goodarzi said in a note, to employees.