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Salesforce plans to cut its workforce by 10% and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with “too many people” amid an economic slowdown, sending its shares up 5%. The cloud-based software company said on Wednesday that it expects between $1.4B and $2.1B in charges due to the job cuts, of which about $800M to $1B will be recorded in the fourth quarter.
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Salesforce had nearly 80,000 employees at the end of the third quarter, up from about 70,000 a year earlier. Co-Chief Executive Officer Marc Benioff said United States employees being released will receive nearly five months of pay, health insurance, career resources, and other benefits.
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Salesforce lost roughly half its value in 2022 as it posted four consecutive quarters of slowing growth. Salesforce has committed to a 25% operating margin by calendar year 2025. If hit, it would mark a notable increase from 2022's goal of 20.4%.