Learn More about Lumida ETF
Powered by LumidaWealth.com
Lumida News
  • Home
  • EarningsNEW
  • News
    • Alt Assets
    • Crypto
    • Equities
    • Macro
    • Markets
    • Real Estate
  • Lifestyle
    • Family Office
    • Health and Longevity
  • Themes
    • Aging & Longevity
    • AI
    • CRE
    • Digital Assets
    • Legacy Brands
    • Nuclear Renaissance
    • Private Credit
  • About Us
No Result
View All Result
Lumida News
  • Home
  • EarningsNEW
  • News
    • Alt Assets
    • Crypto
    • Equities
    • Macro
    • Markets
    • Real Estate
  • Lifestyle
    • Family Office
    • Health and Longevity
  • Themes
    • Aging & Longevity
    • AI
    • CRE
    • Digital Assets
    • Legacy Brands
    • Nuclear Renaissance
    • Private Credit
  • About Us
No Result
View All Result
Lumida News
No Result
View All Result
  • Lumida Wealth
  • Lumida Ledger
  • LUMIDA ETF
  • About Us
Home Themes AI

Intuit’s AI Pivot: $260 Million in Layoffs but Future Growth Promised

by Team Lumida
July 11, 2024
in AI
Reading Time: 3 mins read
A A
0
Intuit’s AI Pivot: $260 Million in Layoffs but Future Growth Promised

Source: Quartz

Share on TelegramShare on TwitterShare on FacebookShare on LinkedinShare on Whatsapp

Key Takeaways

Powered by lumidawealth.com

  1. Intuit plans to lay off 1,800 employees to pivot toward AI.
  2. Layoffs will cost $250-$260 million but will fund new AI-focused hires.
  3. The company aims to grow headcount in fiscal 2025 despite current cuts.

What Happened?

Intuit announced it will lay off 1,800 employees and close its sites in Boise, Idaho, and Edmonton, Canada. These layoffs, accounting for about 10% of its workforce, aim to reallocate resources toward artificial intelligence. Despite the job cuts, Intuit plans to hire another 1,800 workers in fiscal 2025, focusing on engineering, product, and customer-facing roles.

The layoffs and site closures will cost the company between $250 million to $260 million, primarily in severance and employee benefits.

Why It Matters?

This strategic shift underscores Intuit’s commitment to AI, a sector expected to drive future growth. According to CEO Sasan Goodarzi, these actions are not merely cost-cutting but a reallocation to prioritize AI and other key growth areas.

As an investor, understanding Intuit’s focus on AI can help you gauge the company’s long-term potential. The company’s decision to invest heavily in AI could position it as a leader in tech-driven financial solutions, potentially offering robust returns.

What’s Next?

Intuit’s reorganization plan should be completed by the first fiscal quarter ending October 31. Investors should watch for the company’s hiring spree in AI and tech roles, which will start in fiscal 2025. Additionally, monitor Intuit’s financial performance to see if these strategic changes translate into improved revenue and market position.

Given the $250-$260 million cost, assessing the efficiency of this transition will be crucial. The market’s reaction, including the 3% dip in share price, signals cautious optimism, so keep an eye on quarterly earnings for further insights.

Source: Wall Street Journal
Tags: Artificial IntelligenceIntuitlayoffs
Previous Post

Con Agra Brands Q4 2024 Earnings Summary

Next Post

Toyota Joins Forces to Revolutionize EV Charging in North America

Recommended For You

Waymo Hits 10 Million Rides, Leading the Driverless Revolution

by Team Lumida
16 hours ago
a car that is driving down the street

Key Takeaways: Powered by lumidawealth.com Waymo, Google’s autonomous taxi service, has surpassed 10 million paid rides, with exponential growth expected to reach 20 million by the end of 2025....

Read more

EssilorLuxottica Acquires AI-Driven Ophthalmology Platform Optegra to Expand Medical Technology Portfolio

by Team Lumida
2 days ago
EssilorLuxottica Acquires AI-Driven Ophthalmology Platform Optegra to Expand Medical Technology Portfolio

Key Takeaways: Powered by lumidawealth.com EssilorLuxottica, the maker of Ray-Ban, announced plans to acquire Optegra, an AI-focused ophthalmology platform operating over 70 eye hospitals across Europe. The acquisition aligns...

Read more

Delaware AG Seeks Investment Bank to Advise on OpenAI Restructuring Amid Legal and Regulatory Scrutiny

by Team Lumida
3 days ago
AI Security Breach: How Hackers Stole OpenAI’s Internal Secrets

Key Takeaways: Powered by lumidawealth.com Delaware Attorney General Kathy Jennings plans to hire an investment bank to advise on OpenAI’s restructuring and conduct an independent valuation of its assets....

Read more

Nvidia Posts Record $44 Billion Revenue Despite China Ban, Shares Surge Over 5%

by Team Lumida
3 days ago
Nvidia’s AI Demand Surge: Hon Hai Ramps Up Server Production

Key Takeaways: Powered by lumidawealth.com Nvidia’s Q1 revenue reached a record $44.06 billion, a 69% year-over-year increase, despite losing $2.5 billion in sales due to U.S. restrictions on chip...

Read more

We Made a Film With AI: Revolutionary Tools, Human Creativity, and a Lot of Work- WSJ

by Team Lumida
4 days ago
We Made a Film With AI: Revolutionary Tools, Human Creativity, and a Lot of Work- WSJ

Key Takeaways: Powered by lumidawealth.com Using AI tools like Google’s Veo 3 and Runway AI, WSJ producers created a three-minute film, “My Robot & Me,” entirely with AI-generated visuals...

Read more

Capgemini Partners with SAP and Mistral AI to Deliver Generative AI Solutions for Regulated Industries

by Team Lumida
5 days ago
Capgemini Partners with SAP and Mistral AI to Deliver Generative AI Solutions for Regulated Industries

Key Takeaways: Powered by lumidawealth.com Capgemini has teamed up with Mistral AI and SAP to provide generative AI-powered solutions tailored for regulated industries. The collaboration leverages Mistral AI’s advanced...

Read more

OpenAI Expands to South Korea, Citing Strong AI Adoption and Market Potential

by Team Lumida
6 days ago
OpenAI Hack: Why AI Companies Are Prime Targets for Cyberattacks

Key Takeaways: Powered by lumidawealth.com OpenAI has established a legal entity in South Korea and plans to open an office in Seoul in the coming months to support partnerships...

Read more

DOJ Probes Google’s Deal with Character.AI for Potential Antitrust Violations

by Team Lumida
1 week ago
China Stimulus: Enough to Sway Markets?

Key Takeaways: The U.S. Department of Justice (DOJ) is investigating whether Google’s licensing agreement with Character.AI violates antitrust laws by circumventing formal government merger scrutiny. Google signed a...

Read more

Sam Altman and Jony Ive Unveil Plans for AI-Powered ‘Companion’ Device

by Team Lumida
1 week ago
OpenAI Hack: Why AI Companies Are Prime Targets for Cyberattacks

Key Takeaways: Powered by lumidawealth.com OpenAI plans to launch a pocket-sized, screen-free AI "companion" device by late 2026, aiming to integrate AI seamlessly into everyday life. The device, designed...

Read more

Nvidia CEO Criticizes U.S. AI Export Curbs, Calls for Easing Restrictions on China

by Team Lumida
2 weeks ago
Nvidia CEO Reveals Secrets Behind AI Domination Amidst Fierce Competition

Key Takeaways: Powered by lumidawealth.com Nvidia CEO Jensen Huang criticized U.S. export controls on AI chips, calling them a "failure" and urging the White House to ease restrictions to...

Read more
Next Post
Toyota Joins Forces to Revolutionize EV Charging in North America

Toyota Joins Forces to Revolutionize EV Charging in North America

green and black plastic tool

Spotify's New Social Features: A Game-Changer for Podcasters and Musicians

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related News

$500 Billion Stargate AI Project Announcement Raises Funding Questions

Trump Open to Tariff Reductions if Offered ‘Phenomenal’ Deals

April 4, 2025
a view of a city street

U.S. and Russia to Hold Talks on Ukraine War Amid Push for Peace Settlement

February 17, 2025

Eli Lilly Q2 2024 Earnings Highlights: Exceptional Growth Driven by New Products

August 10, 2024

Subscribe to Lumida Ledger

Browse by Category

  • Lifestyle
    • Family Office
    • Health and Longevity
    • Next Gen Wealth
    • Trust, Tax, and Estate
  • News
    • Alt Assets
    • Crypto
    • Equities
    • Latest
    • Macro
    • Markets
    • Real Estate
  • Research
    • Trackers
  • Themes
    • Aging & Longevity
    • AI
    • Biotech
    • CRE
    • Cybersecurity
    • Digital Assets
    • Legacy Brands
    • Nuclear Renaissance
    • Private Credit
    • Software
Facebook Twitter Instagram Youtube TikTok LinkedIn
Lumida News

Premium insights to help you invest beyond the ordinary. Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser

CATEGORIES

  • Aging & Longevity
  • AI
  • Alt Assets
  • Biotech
  • CRE
  • Crypto
  • Cybersecurity
  • Digital Assets
  • Equities
  • Family Office
  • Health and Longevity
  • Latest
  • Legacy Brands
  • Lifestyle
  • Macro
  • Markets
  • News
  • Next Gen Wealth
  • Nuclear Renaissance
  • Private Credit
  • Real Estate
  • Software
  • Themes
  • Trackers
  • Trust, Tax, and Estate

BROWSE BY TAG

AI AI chips AI demand Amazon Apple Artificial Intelligence Banking Bitcoin China Commercial Real Estate CPI Crypto Donald Trump EARNINGS ELON MUSK ETF Ethereum Federal Reserve financial services generative AI Goldman Sachs Google India Inflation Interest Rates Investment Strategy Japan Jerome Powell JPMorgan Markets Meta Microsoft Nasdaq Nvidia OpenAI private equity S&P 500 SEC Semiconductor stock market Tech Stocks tesla Trump Wells Fargo Whale Watch

© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018

No Result
View All Result
  • Home
  • Earnings
  • News
    • Alt Assets
    • Crypto
    • Equities
    • Macro
    • Markets
    • Real Estate
  • Lifestyle
    • Family Office
    • Health and Longevity
  • Themes
    • Aging & Longevity
    • AI
    • CRE
    • Digital Assets
    • Legacy Brands
    • Nuclear Renaissance
    • Private Credit
  • About Us

© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018