Over 7,000 employees of Salesforce’s workforce, will be let go

Salesforce stated on Wednesday that it would be reorganizing its workforce and lowering some of its office space by 10%.
As of December, the corporation employed about 79,000 people.

In a letter to staff members, co-CEO Marc Benioff claimed that given the adverse financial environment, customers have become more «measured» in their purchase decisions, which has forced Salesforce to make the «extremely difficult decision» to lay off employees.

According to Salesforce, employment cuts will result in charges between $1.0 billion and $1.4 billion, while office space cuts will result in costs between $450 million and $650 million.

On Wednesday, Salesforce stock has risen by about 3%.

During the pandemic, Salesforce aggressively made hires to fulfill the growing demand for services from our customers.

According to Salesforce, the real estate restructuring should be finished in the 2026 fiscal year and the employee restructuring should be finished by the end of the 2024 fiscal year.