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July 11, 2024, 11:57 a.m.
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Big tech companies like Google and Intuit are making personnel changes to focus on artificial intelligence (AI). Intuit CEO, Sasan Goodarzi, announced that approximately 1, 800 employees, or 10% of its workforce, will be laid off as part of a strategy to increase investments in AI. The company plans to hire new people with skills in engineering, product development, and customer-facing roles to support this strategy. The layoffs are not driven by cost-cutting, and departing employees will receive a compensation package. Intuit reported revenue of $6. 7 billion for the period ending April 30, reflecting a 12% increase. McKinsey indicates that AI adoption has risen to 72%, with interest in generative AI growing.

Intuit has been placing AI at the center of its business strategy, betting on its potential to attract more customers. Other companies such as ADM and Eli Lilly have also made changes in their CFO positions. Grant Thornton's Q2 CFO survey shows that CFOs continue to prioritize AI and technology, with 94% either using or exploring generative AI. The report emphasizes the need for CFOs to manage costs while capitalizing on growth opportunities. RGP's report highlights that financial decision-makers are increasing investment in workforce development and digital transformation initiatives. Thomson Reuters CEO, Steve Hasker, believes that the future of AI is in our hands.



Brief news summary

Intuit, the software giant known for products like QuickBooks and TurboTax, is laying off approximately 1,800 employees, which amounts to 10% of its workforce. The move is part of the company's strategy to increase investments in priority areas, particularly artificial intelligence (AI) and generative AI. Intuit plans to hire around 1,800 new employees with skill sets primarily in engineering, product, and customer-facing roles. The company expects its overall headcount to grow in its fiscal year 2025. The layoffs are not driven by cost-cutting measures, and departing employees will receive a severance package. AI adoption has risen to 72% this year, according to a global survey, with half of respondents incorporating AI in two or more business functions. Intuit has been investing heavily in AI, aiming to attract more customers through AI-generated recommendations. The company's CEO has expressed a commitment to betting the company on data and AI.
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