In the midst of what he refers to as the "AI revolution" and "one of the most significant technological shifts of our lifetime," Goodarzi writes that the Californian tech company, whose subsidiaries include the likes of Credit Karma, TurboTax, Mailchimp, and QuickBooks, has determined the need to increase investment in "key growth areas" including artificial intelligence (AI).

According to Goodarzi, "we will be informing about 1,800 employees—roughly 10% of our workforce—that they will be leaving Intuit today."

He continues, "The changes we are making today enable us to allocate additional investments to our most critical areas to support our customers and drive growth. We do not layoffs to cut costs, and that remains true in this case."

Intuit plans to use the money saved from the job cuts to hire "approximately 1,800 new people primarily in engineering, product, and customer facing roles such as sales, customer success, and marketing" in an effort to expand its portfolio of AI-driven products and services, marking what Goodarzi is calling a "critical moment" in the company's history.

According to Goodarzi, "businesses that aren't ready to capitalize on this AI revolution will fall behind and, eventually, will not exist."

About 1,050 of the 1,800 workers who will be let go on September 9, 2024, have been described as "those who are not meeting expectations and who we believe will be more successful outside of Intuit," according to Goodarzi.

Furthermore, the CEO announces that there will be a 10% reduction in the number of business executives. Additionally, the business plans to close two of its locations, one in Boise and the other in Edmonton, where it employs over 250 people. "A certain number of employees relocating to other sites within Intuit or leaving the company," the statement reads.

In addition, the company plans to combine eighty technical positions into "sites where we are strategically growing our technology teams and capabilities," which include Bangalore, Atlanta, Toronto, New York, and Tel Aviv.