Salesforce to cut 10% of workers, reduce offices in downturn

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The company, which has about 80,000 employees, said in a regulatory filing on Wednesday that it aims to complete the workforce restructuring by the end of fiscal 2024 and real estate reductions in fiscal 2026.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.

“The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” chief executive Marc Benioff said in a letter to employees on Wednesday. “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.”Article content

Shares rose about 2.8 per cent in premarket trading before exchanges opened in New York. The stock had declined 47 per cent in the 12 months through Tuesday. Salesforce, the largest private-sector employer in its hometown of San Francisco, has almost tripled its workforce in the past five years, in large part through dozens of acquisitions. It previously cut hundreds of workers concentrated in sales teams in November.

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