Mountain View, July 11: Intuit, a multinational software company based in the US, will lay off 10% of its workforce, letting go of underperforming employees. The latest move of the US-based Intuit has been made to enhance the company's decision-making velocity, per a report. The Intuit layoffs will affect 1,800 employees, and the new hires will replace them to advance the IT firm's AI ambitions.

Recently, several tech and media companies laid off their employees amid restructuring, saving costs, and focusing on clients and core business functions. These software companies included UiPath and UKG, joining Meta, Google, Tesla, and other tech leaders. The media layoffs this year affected several employees from companies such as CNN, Media Chinese, Vice Media, Schibsted, and others. UiPath Layoffs: US-Based AI and Business Automation Software Company To Reduce 10% of Its Workforce Amid Restructuring.

Quartz reported that the IT firm Intuit announced workforce reduction plans that would affect 1,800 employees. The Intuit layoffs were announced by the company's CEO, Sasan Goodrazi, in a communication with employees on July 10, 2024. The CEO said that around 10% of the workforce would be affected by the tech layoffs from divisions like sales, engineering, and product development.

Intuit CEO Sasan Goodrazi clarified that the job cuts were not announced due to cost-cutting measures but to allocate the resources towards the most critical areas, including artificial intelligence. Goodrazi also said that the Intuit layoffs would help the company fulfil its mission to empower the prosperity of its global customers and strengthen its leadership position in the market. Video Game Industry Layoffs: How Japan Remains Untouched Amid Persistent Job Cuts Hit Globally Over 3 Years; Know Why.

The company said that 1,050 employees who did not meet the expectations and believed they would do well elsewhere would be laid off including others. The company said that despite laying off nearly 10% of its workforce, affecting 1,800 people, it would aim to grow the overall headcount in FY25 and beyond. The company said it would accelerate its investment in AI and data. It would continue hiring engineers to help develop Intuit Assist, financial assistants, and customer-related solutions powered by generative AI.

(The above story first appeared on LatestLY on Jul 11, 2024 01:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).