Intuit To Lay Off Over 3,000 Employees To Refocus On AI
- Reference: 0183301311
- News link: https://slashdot.org/story/26/05/20/2038203/intuit-to-lay-off-over-3000-employees-to-refocus-on-ai
- Source link:
> The layoffs come during a bad year for the tech workforce. The tech industry has already cut more than 100,000 jobs this year, [2]per Statista , and is on track to outpace both 2024 and 2025 if the layoff trend continues. Companies such as [3]Amazon , [4]Block , [5]Cisco , [6]Cloudflare , [7]Meta , [8]Microsoft , and [9]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. [...]
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> 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 [10]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.
[1] https://techcrunch.com/2026/05/20/intuit-to-lay-off-over-3000-employees-to-refocus-on-ai/
[2] https://www.statista.com/chart/36198/tech-and-startup-employees-laid-off-worldwide/
[3] https://slashdot.org/story/25/11/21/1626239/amazon-cut-thousands-of-engineers-in-its-record-layoffs-despite-saying-it-needs-to-innovate-faster
[4] https://slashdot.org/story/26/02/26/2250206/jack-dorseys-block-cuts-nearly-half-of-its-staff-in-ai-gamble
[5] https://slashdot.org/story/26/05/14/060203/cisco-to-cut-almost-4000-jobs-in-ai-driven-restructuring
[6] https://slashdot.org/story/26/05/08/040251/cloudflare-to-cut-about-20-workforce-as-ai-adoption-reshapes-operations
[7] https://meta.slashdot.org/story/26/05/19/0027253/before-mass-layoffs-meta-reassigns-7000-workers-to-focus-on-ai
[8] https://slashdot.org/story/25/06/03/1835226/microsoft-cuts-hundreds-of-jobs-after-firing-6000-in-may
[9] https://developers.slashdot.org/story/26/03/31/2023228/oracle-cuts-thousands-of-jobs-across-sales-engineering-security
[10] https://investors.intuit.com/news-events/press-releases/detail/1307/intuit-reports-strong-second-quarter-results-and-reiterates-full-year-guidance
At Some Point They'll Need a New Excuse (Score:2)
When these too-big-to-fail bloodsuckers can no longer support themselves and need a government handout they won't be able to cry about the jobs lost if they tank.
I would absolutely love to see Intuit bite the big one. They're an unnecessary middle man to so many financial systems. Their business model is to literally add their own tax to taxes while providing very little value.
You don't need excuses anymore (Score:4, Insightful)
Trump just created a 1.7 billion dollar slush fund for him and his buddies. You don't need to excuse anything. The news media is 90% billionaire owned and they just won't cover it when all this shit's going on. A large percentage of voters are either low information or bad information voters and a little voter suppression at the county level takes care of the rest.
Barring a miracle we're going to be a Russian style dictatorship in 10 years and a techno feudal hellscape in 20 or 30.
But at least trans kids can't play sports right? Is it the culture War fun?
Re: (Score:2)
> Trump just created a 1.7 billion dollar slush fund for him and his buddies.
Quite possibly to be dispersed to Jan 6th insurrectionists - as they are now "victims" of unfair prosecutions, with rumors of $1M a piece.
Re: (Score:2)
> Trump just created a 1.7 billion dollar slush fund ...
Someone on the news just noted that it's actually $1.776 billion -- 1776 get it. (sigh)
Ignoring all the other ways in which this isn't a valid "settlement" for his bogus lawsuit (against himself), and that the fund isn't authorized by Congress, etc... an arbitrary amount just illustrates how it's all bullshit. Having convicted Jan 6th insurrectionists, pardoned by Trump, getting paid, likely $1M each, by a 1776 fund for storming the Capital, assaulting police, menacing Congress, threatening to hang the
Re: (Score:2)
At least we can take some comfort in knowing that the kind of persons who were convicted for their roles in the Jan 9 insurrection are also many of the the kind of people who are completely incapable of dealing with a million dollars cash payout and will spend it foolishly and end up impoverished and on welfare before they are done.
If by some miracle anyone who's not of the party of Trump gets into office and if by a bigger miracle you get a functioning congress again, you'll desperately need to set up a fa
Re: (Score:2)
Even when they start to fail, they'll still find dollars for the lobbying that keeps the system broken.
Re: (Score:2)
> When these too-big-to-fail bloodsuckers can no longer support themselves and need a government handout they
will blame people for not being motivated enough to want to work.
The thing about AI is it is showing the world how morally bankrupt these corporations are, it's a true mirror for how much they value ordinary human beings. Fix incorporation law and expose them to the liability they create then watch them cry how it all AIs fault and that people are just not loyal anymore. It's more than they deserve.
A chatbot cannot do your job (Score:2)
However, a human salesperson probably will convince your human boss to replace all of you with a chatbot that cannot do your job.
Re: (Score:2)
The CEO didn't know that, they have never used a coding agent and don't know the difference between a either or AI
Déjà vu, All over again (Score:2)
I remember a time when any stupid idea that you could put ".com" on would get shit tons of investor money. The only thing it produced mostly was bankruptcies and the opportunity for small companies to buy needed equipment for pennies on the dollar. This AI craziness strikes me the same way. AI can be useful but it'll never be the "be all things", they rarely to live up to the hype. I've seen it too many times, the dotcom boom-bust, nano-technology, Ruby on rails; anyway COBOL had a good run.
Bullshit (Score:2)
All these AI layoffs will be hiring people back in a year ... at a lower wage.
It's all about capitalists versus labor, and trimming payroll costs in the short term while potentially renegotiating wages in a position of advantage.
Don't say Recession (Score:5, Insightful)
It's just AI making everything better!
Especially right before a midterm election (Score:4, Interesting)
What pisses me off is that if the press actually talked about the recession we are in, and it is a recession if you take out the ridiculous amounts of money spent on AI slop we are in a deep recession, then people would wake up and poll numbers would collapse and while the current Republican party in charge of everything wouldn't do anything to help they would at least stop making things substantially worse.
But because they control the media now, literally 90% of all media is owned by billionaires and if you're paying attention you are really seeing them exercising that power fully for the first time ever, well it's simply not allowed to talk about it.
But what's frustrating is people can see it happening but because the economy is a large complex thing it hasn't hit them personally yet and there's a core of about 20% who it probably never will with another 20% who will probably escape the worst of it and because of all that without someone explicitly telling them the state of the economy they just blitheringly and blissfully go about their lives thinking everything is fine and if you're struggling it's because of some moral failure or another...
This is why people call journalists the 4th estate and why it's such a huge problem that they are now completely under the control of billionaires. In the past what would stop that is journalists could do muckraking to make money and then on the side real journalism but the billionaires figured that out so if you're a muckraking journalist they will sue you into Oblivion like they did Gawker.
People really don't realize the importance of the institution of journalism or what journalism actually is. To be blunt I only know because I took some courses in high school along with some mid-level college history courses.
Re: (Score:2)
> People really don't realize the importance of the institution of journalism or what journalism actually is.
Unfortunately, many people only want to hear whatever reinforces their wants, desires and preconceived notions - apparently even when it's not beneficial.
Re: (Score:3)
>> People really don't realize the importance of the institution of journalism or what journalism actually is.
> Unfortunately, many people only want to hear whatever reinforces their wants, desires and preconceived notions - apparently even when it's not beneficial.
We can blame social media, billionaires, idiots, etc. However, one big thing that needs to be called out more is an increasingly authoritarian US government that is on an audacious and so-far unchecked binge of canceling. This Friday, Stephen Colbert is being canceled because Trump wanted it.
Re: (Score:2)
Vote the Democrats in. They totally won't cancel people for political reasons.
Nothing can be fixed while people continue to believe there's a difference between Team Red and Team Blue when the same people own both Team Red and Team Blue.
Re:Especially right before a midterm election (Score:4, Insightful)
Nice cleaned up and polished "bOtH sIDeS!!!" argument you've got there. Absurd.
Re: Especially right before a midterm election (Score:1)
Ask the grandmothers that fascist libs put in jail for praying, then get back to us about both sides.
Re:Especially right before a midterm election (Score:5, Insightful)
> then people would wake up and poll numbers would collapse and while the current Republican party in charge of everything wouldn't do anything to help they would at least stop making things substantially worse.
I'm sorry, but the problem is way, way bigger than that. Anything that involves "people would wake up" is missing what's going on.
What's going on is that there are a lot of fundamentally defective Americans. I'm not saying that's unique to the US... don't take this personally. You've got your racists. Your misogynists. Your homophobes. Transphobes. Conspiracists. Vaccine-paranoid. Science-averse. You've got your insular, ignorant, cruel, and cultists. You've got your gun-fetishists, your narcissistic and greedy and your genuinely stupid.
You've got one political party that has united all of those people who range from just genetically sub-average through authentically evil and accepted that a vote is a vote.
Are you in a depression? Probably. Does it matter if the press call it that? Not remotely. Because "bad thing is happening" is not a secret. There's a solution to billionaires. The French used them, famously. But the real danger is your brother, neighbor, coworker or friend who voted for a party because they're offended by pronouns, not by being lumped in with all those other defectives. Convince them their fellow Republicans are the horrible, horrible people they are because of whatever horrible topics they don't like. Divide the racists from the greedy. Sow dissent between the religious and the gun-nuts. Rip apart the union of the evil.
Re: (Score:2)
Anything that involves "just vote the Republicans out and Democrats in" is missing what's going on.
Congress is just a wrestling show with a few wedge issues. The people who own the politicians will continue to tell those politicians to do what they want regardless of which team is 'winning'.
Democracy is designed to keep people distracted by voting while the crooks loot whatever they want.
Re: (Score:2)
> Anything that involves "just vote the Republicans out and Democrats in" is missing what's going on.
> Congress is just a wrestling show with a few wedge issues. The people who own the politicians will continue to tell those politicians to do what they want regardless of which team is 'winning'.
> Democracy is designed to keep people distracted by voting while the crooks loot whatever they want.
Don't care. This both-sides stuff doesn't help anyone. There is a difference between the two sides.
Fiscally, yeah, power-seekers of every description are going to be looking to profit from you. Granted. Corporations are in charge at that level. But first you stomp out the fascist right. Then you keep on voting in the least-evil. Again and again and again. Change what you can instead of worrying about what you can't.
Re: (Score:2)
> What pisses me off is that if the press actually talked about the recession we are in, and it is a recession if you take out the ridiculous amounts of money spent on AI slop we are in a deep recession
What do you mean? You mean you don't believe Intuit's press release saying the layoffs are about AI? HR never lies, I don't want to hear anything different.
Re: (Score:2)
"they control the media now, literally 90% of all media is owned by billionaires "
Indeed, unlike in the past, when all the media was owned by blue collar workers and cleaning ladies.
Re: (Score:2)
Well, in the past it was owned by various groups, including but not limited to:
- Millionaires
- Publicly traded Corporations
- Trusts built around the interests of journalists. ...etc...
Right now, ABC/Disney and NBC are the only two major media groups not owned by billionaires more or less directly. Even they have to deal with billionaire-owned TV networks who they're reliant upon to franchise their content - hence the temporary cancellation of Kimmel. And despite 30-40 years of propaganda claiming otherwise,
Re: (Score:3)
With Intuit it would be hard to get worse, but I am not holding my breath.