Salesforce announced job cuts, stock rises premarket!
Salesforce Inc is laying off 10% of its workforce and reducing its office space in certain markets!
Another sign of how brutal is the whole situation on the tech job cuts into the new year.
Tweet on Salesforce job cuts
Shares of @Salesforce rose after the company said it would cut its workforce by 10%
Stock was recently up more than 3% as broader markets edged lower. It's down more than 40% over the last 12 months, according to @FactSet pic.twitter.com/0YNugYclj6
— The_Journalbiz (@the_journalbiz) January 4, 2023
FactSet chart on Salesforce
Salesforce Co-Chief Executive Marc Benioff said that the cuts come as many of the company’s customers are taking a more cautious approach to spending, a trend that a growing number of software companies said they have been facing lately.
“The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” Mr. Benioff said in a letter to employees.
Shares of Salesforce rose in Wednesday morning trading after the business-software company said it would cut its workforce by 10% and scale back on office space.
The company’s stock was recently up more than 3% as broader markets edged lower. It’s down more than 40% over the last 12 months, according to FactSet.
