Software giant Intuit said it would cut about 2,000 jobs and close its campus in Eagle, near Boise, and its Edmonton, Canada, location.
According to the Wall Street Journal, the cuts total 1,800 jobs, or about 10% of the company’s workforce. After the cuts and site closures, the company plans to pivot to artificial intelligence and embark on a new hiring spree, hiring 1,800 new employees.
Intuit shares fell 3.6% on the news.
The company said the change was “to help expand our technical teams and capabilities in strategic locations,” suggesting Eagle’s location is not strategic.
Intuit acquired the former TSheets business in 2018 and converted the Eagle site to service a number of software products, including a more extensive QuickBooks program library. Intuit had announced prior to the COVID-19 pandemic that it would open a second office building to accommodate 900 employees. With the second office building now complete, Intuit instead moved all of its employees to the new building and vacated the former TSheets building.
CNBC reported that about 80 jobs will be moved to other locations, including Atlanta; Bengaluru, India; and Tel Aviv, Israel. The new jobs are expected to begin in fiscal 2025, according to the WSJ. Intuit will pay between $250 million and $260 million in severance and other costs.
Intuit made job cuts at its Eagle campus in 2020, but the number is unclear. It’s not clear how many people at the Boise campus will be affected by the closure. We asked Intuit about how many people will be affected, the timeline for the closure, and why it chose the Eagle campus to close, but did not immediately receive a response. We will update this article as more information becomes available.
The Idaho Department of Labor had not posted a WARN notice about Intuit that listed the exact number of positions that had been cut as of Wednesday morning.
Intuit is the company behind CreditKarma, Mailchimp, TurboTax, and QuickBooks.
