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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.

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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.