Investing.com -- Intuit (NASDAQ: INTU) shares fell 3.9% Wednesday after Reuters reported the company plans to lay off approximately 17% of its global workforce.

The cuts will affect about 3,000 employees across seven countries, according to a memo. CEO Sasan Goodarzi said the layoffs aim to reduce complexity, streamline operations, and refocus resources on the company’s AI initiatives.

Intuit has secured multi-year partnerships with OpenAI and Anthropic to integrate their models, ChatGPT and Claude, into its software. The company will also incorporate its proprietary tax, finance, accounting, and marketing capabilities into those AI platforms.

Impacted U.S. employees will remain with the company until July 31 and will receive 16 weeks of base pay, plus an additional two weeks for every year of service at Intuit.

As of July 31, 2025, Intuit reported having roughly 18,200 employees. The company was scheduled to release its third-quarter financial results on the same day the memo was reported.

Intuit joins other major tech firms, including Block, Amazon, and Pinterest, that have recently cut jobs, with several citing increased efficiencies driven by AI.