Salesforce Inc announced that it will lay off about 10% of its employees and close some offices as part of its restructuring plan, becoming the latest company to embark on cost cutting in a challenging economy.
The cloud-based software company’s moves follow those by IT consultancy Accenture, which last month warned of a slowdown in its consulting business as clients were putting off business improvement projects, especially in commerce. retail.
“The environment remains challenging and our customers are taking a more measured approach to their buying decisions,” Co-CEO Marc Benioff said in a letter to employees.
“As our revenue accelerated during the pandemic, we hired too many people, which led to this downturn we’re now facing, and I take responsibility for it.”
Salesforce expects to incur $1.4 billion to $2.1 billion in charges, of which $800 million to $1 billion will be recorded in the fourth quarter of fiscal 2023.
Salesforce shares, which were up 2% before the open on Wednesday, nearly halved in value last year amid a broad sell-off in technology stocks sparked by rising interest rates and the fear of a possible recession in the United States.
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