💰 Salesforce to cut staff by 10%

TL;DR

Salesforce to cut 10% of workforce after hiring "too many people"Jan 4 (Reuters) - Salesforce Inc (CRM.N) said it plans to cut jobs by 10% and close some offices, after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown.Businesses that relied on cloud services during the pandemic are now trying to reduce expenses and are delaying new projects, hurting companies such as Salesforce and Microsoft Corp (MSFT.O)."As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that.""It (the company) is certainly not alone as the sector has grappled with a demand environment that has meaningfully softened over the last 12 months," William Blair analyst Arjun Bhatia said."There is high likelihood of right-sizing by other software firms," RBC Capital Markets analyst Rishi Jaluria said."

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