Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.
However it will be creating almost as many jobs in more technical fields.
*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
Alert: Top Cash Back Card Now Offers 0% Intro APR Until Nearly 2027
Enjoy 0% intro APR on purchases and balance transfers for 15 months—plus up to 5% cash back in popular categories.
Motley Fool Returns
Market-beating stocks from our flagship service.
Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 2025-08-28 21:10:16.916997.
Discounted offers are only available to new members. Stock Advisor list price is $199 per year.
Calculated by Time-Weighted Return since 2002. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns.
The CEO of tax prep specialist Inuit (INTU +0.01%) told employees in a company blog post that 7% of its workforce was being fired because it faces "a fundamental shift as the pace of change has dramatically increased."
Stating that Intuit had begun its transition into an artificial intelligence platform 16 months ago, CEO Sasan Goodarzi said it was necessary to terminate 715 employees as it looks to revamp its customer experience, technology, and sales strategies.
Image source: Getty Images.
"We took a careful review of the company, looking for redundancies in tools, systems and for roles that were not aligned to where we are investing for the future", Goodarzi said in the blog, and Intuit now knows where it must invest.
It has identified new skills sets it needs to build an AI-driven expert platform and will be creating over 700 new positions to hire for those skills. Intuit has previously said AI, machine learning, and data science are "foundational" to its success in fulfilling its mission.
The tax prep specialist reported revenue had grown 14% in the first half of its fiscal year, but the coronavirus pandemic caused the IRS to extend the tax filing deadline until July 15. Although it expects its small business and self-employed group revenue to grow 10% in the third quarter, consumer revenue is expected to drop 15% from last year.
Intuit says it is experiencing a significant revenue shift into its fiscal fourth quarter, so total company revenue is expected to decline 8% in the third.