Salesforce said it would cut about 10% of its workforce after the enterprise software company hired too many people in the lead-up to the economic downturn and customers became more cautious with spending. The software giant is under pressure from investors including activist Starboard Value to improve margins. Meanwhile, it has projected the slowest revenue growth for the current quarter since going public in 2004 and has seen top executives Co-Chief Executive Officer Bret Taylor and Slack Chief Executive Officer Stewart Butterfield announce their departures. “The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” Chief Executive Officer Marc Benioff said in a letter to employees on Wednesday. The reductions will cost Salesforce $1.4 billion to $2.1 billion, the company said.

Source: News 24 January 05, 2023 01:33 UTC