10:07 AM EDT, 07/10/2024 (MT Newswires) -- (Updates with new information throughout, adds stock move in fifth paragraph.)

Intuit (INTU) will eliminate around 1,800 jobs and close facilities in Boise, Idaho and Edmonton, Alberta, Canada, in a reallocation of resources supporting artificial intelligence initiatives and other high-growth sectors, the software firm said Wednesday in filing with the US Securities and Exchange Commission.

The moves were also disclosed in an email to workers from Intuit Chief Executive Sasan Goodarzi, who said the company has maintained "a successful track record of self-disruption and reinvention," stressing the current layoffs are not intended to merely cut costs.

Intuit expects to hire "a nearly equivalent number of employees" during fiscal 2025, with many of the new and existing employees working on the company's AI-powered financial assistant platform, Intuit Assist, Goodarzi said. It also will be hiring additional workers to bolster its customer assistance teams as well as new marketing talent with expertise in digital services, Goodarzi said.

The software firm estimates it will incur approximately $250 million to $260 million in charges in connection with the reorganization, primarily during its current Q4 ending July 31. It expects to complete the moves by the end of the company's fiscal Q1 in October.

Intuit shares were down 3.2% in early Wednesday trading.

Price: 628.57, Change: -20.95, Percent Change: -3.23