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Intuit Cuts 3,000 Jobs, Ties with OpenAI, Shares Fall

5/21/2026

26 3 Full Breakdown

Summary

Story summary

Intuit announced it will cut about 3,000 jobs, roughly 17% of its workforce, to reduce complexity and focus on artificial intelligence.
The company signed multi-year agreements with OpenAI and Anthropic to embed ChatGPT and Claude into its products.
Shares fell nearly 5% after the announcement, extending a near-40% year-to-date decline.
In the quarter ended January, revenue grew 17% to $4.65 billion and profit rose 48% to $693 million.

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Story summary

Intuit announced it will cut about 3,000 jobs, roughly 17% of its workforce, to reduce complexity and focus on artificial intelligence.
The company signed multi-year agreements with OpenAI and Anthropic to embed ChatGPT and Claude into its products.
Shares fell nearly 5% after the announcement, extending a near-40% year-to-date decline.
In the quarter ended January, revenue grew 17% to $4.65 billion and profit rose 48% to $693 million.