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Intuit to close Edmonton office as global tech firm cuts 1,800 jobs across operations
TurboTax-parent Intuit said on Wednesday it will let go of about 1,800 employees, or 10 per cent of its workforce, as it looks to focus on its artificial intelligence-powered tax preparation software and other financial products.
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, Alta., and Boise, Idaho. "We believe making these changes from a position of strength is the right move and we view the incremental hiring plans post reduction in workforce as a sign that Intuit remains bullish on its growth prospects, especially as it relates to small businesses and Credit Karma," Evercore ISI analyst Kirk Materne said. The company, which also makes online accounting software QuickBooks, said it will increase investments in generative AI and plans to expand into new markets including Canada, United Kingdom and Australia.
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