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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 it expects between $1.4 billion and $2.1 billion in charges due to the job cuts, of which about $800 million to $1 billion will be recorded in the fourth quarter.
Companies from Meta Platforms to Amazon have in the past year shrunk their employee base to prepare for a deep downturn as global central banks have aggressively raised interest rates to tame stubbornly high inflation.
