Intuit is laying off 249 employees, according to an internal memo from CEO Brad Smith obtained by TechCrunch.
The company confirmed the layoffs, mostly in the Small Business Group, to Accounting Today:
“Yesterday we communicated organizational changes that continue to drive our transformation from a North American desktop software company to a global cloud-driven company. Unfortunately, this included some reductions to our staff to ensure we’re structured appropriately and aligned with our priorities. We have great confidence in our strategy, our execution, and our trajectory as we build this company for the long term. Amidst this change, growth in our core businesses is accelerating. We’ve prioritized our investments on those initiatives that will fuel our ecosystem globally. These are tough choices, but we believe these are the right moves for a company that’s built to last and focused on the future.”
The news follows an earlier round of layoffs in June, when 399 employees were let go in a company realignment. Last week, Intuit reported the company’s fourth quarter and full-year fiscal results, while announcing plans to sell Quicken, in addition to Demandforce and QuickBase.