Business · Fortune Technology
Why its stock became a SaaSpocalypse casualty
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Does being an early adopter to AI protect a company in an AI-induced market panic?
Key facts
- Intuit’s stock price has rebounded partially to around $350 at publication time, with a valuation of shy of $100 billion—nowhere near its 2025 year-end level and less than half its all-time high
- And he didn’t talk the talk: That same year, Goodarzi laid off 715 employees—unprecedented at Intuit—and hired some 700 new employees who could advance AI throughout the company
- When CEO Brad Smith handed off the job to him after his own highly successful run, he said, “Sasan is better prepared to be CEO than the reporter was 11 years ago
- Born in Tehran and sent to a New Jersey boarding school at age nine, Goodarzi joined Intuit in 2004 and rose quickly
Summary
Apparently not, based on the experience of Intuit, best known for TurboTax and QuickBooks—and the worst performing stock in the S&P 500 as this year opened. For Intuit CEO Sasan Goodarzi, the stock’s plunge was painfully ironic. And he didn’t talk the talk: That same year, Goodarzi laid off 715 employees—unprecedented at Intuit—and hired some 700 new employees who could advance AI throughout the company. That reputation offered little protection during the SaaSpocalypse: Indeed, Intuit was the stock investors hammered most ferociously.