Enterprise software giant Intuit is letting 17% of its staff go, or about 3,000 people, as it seeks to divert resources toward baking AI into its products, Reuters reported, citing an internal memo sent to employees.

The memo by CEO Sasan Goodarzi said the layoffs are meant to reduce complexity by simplifying the company’s corporate structure and help it focus on AI efforts, according to Reuters.

The company, which makes accounting, tax, and personal finance software like TurboTax, QuickBooks, and Credit Karma, had 18,200 employees worldwide as of July 2025, according to its annual report.

Intuit did not immediately return a request for comment, or respond to questions about whether its management, directors, or its CEO would take a pay cut. Goodarzi’s salary was worth $36.8 million, including cash incentives and stock awards, during fiscal 2025.

The layoffs come during a bad year for the tech workforce. The tech industry has already cut more than 100,000 jobs this year, per Statista, and is on track to outpace both 2024 and 2025 if the layoff trend continues.

Companies such as Amazon, Block, Cisco, Cloudflare, Meta, Microsoft, and Oracle have let go of thousands of employees each, all of them citing a need to refocus expenditures around AI projects as a reason to cut jobs and restructure their organizations.

At the same time, all of these companies have recently reported strong revenue and profit, citing the apparent strong demand for AI products, services, or the infrastructure to power AI. Nearly all these companies’ share prices have risen, too, as investors bet that AI will serve as a new avenue of growth for software companies everywhere.

Intuit, however, hasn’t been perceived as a beneficiary of the AI boom, with its shares consistently underperforming in the broader S&P 500 over the past 12 months. The company has been caught up in the broader current of worries that traditional software-as-a-service firms will not be able to keep up or compete, as new and upcoming AI products and services threaten to change how software is developed and how it is used.

In its fiscal second quarter ended January, Intuit reported revenue of $4.65 billion, a 17% increase, and net profit of $693 million, a 48% improvement compared to a year earlier.

The company expects revenue to increase by about 10% in the third quarter, for which it will report results later today.