17% Workforce Reduction Following AI Commitment... Intuit's Market Value Drops by 17 Trillion in a Day

Intuit Inc. (NASDAQ: INTU) closed at $336.02 on the Nasdaq on the 20th, a sharp 15.94% decline. Trading volume exceeded 4.1 million shares, and the company’s market capitalization tumbled by approximately $12.7 billion, about 17 trillion Korean won, in a single day.

On that day, Intuit announced plans to cut roughly 3,000 jobs—about 17% of its global workforce—and to refocus its business around AI. After the market closed, the company reported fiscal 2026 third-quarter results showing revenue growth and raised its annual revenue guidance. Despite these positive announcements, the stock plunged amid concerns over execution risks from the large-scale restructuring and worries about a potential slowdown in future growth.

Intuit is a U.S. fintech platform company offering tax-filing and small-business accounting and marketing solutions—such as TurboTax, Credit Karma, QuickBooks, and Mailchimp. It relies heavily on subscription-based recurring revenue and typically concentrates its performance during the U.S. tax-filing season. In recent years, the company has aggressively invested in AI-powered automated accounting and tax and financial advisory services, and the market views this latest round of layoffs as a strategic move to accelerate its AI transformation.