Salesforce is laying off about employees across the company, as part of a plan to reallocate resources across the company amid the economic downturn. The layoffs affect about 2% of its employee base around the world, or about 1,000 people, according to a source familiar with the situation.
The layoffs come on the heels of its second-quarter earnings results, where Salesforce said it beat Wall Street's revenue estimates for the quarter, and raised full year revenue guidance. On March 25, CEO Marc Benioff pledged that Salesforce would not do any significant layoffs over the next 90 days, calling on other CEOs to do the same. However, that 90-day commitment expired in June, and Benioff did not announce a new, similar pledge.
On the company's earnings call on Tuesday, CFO Mark Hawkins hinted at changes internally, and said the company was "redirecting some of our resources to fuel growth, and areas that are no longer as aligned with the business priority will be now de-emphasized."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
If SFDC sees a reduction in demand, we are definitely in trouble.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the $415,000-a-month Hamptons cottage where Rihanna vacationed this summer - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Is inside the house made with gold? Snore.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Salesforce soars on big earnings beatAn adjustment to reflect a gain on investments helped Salesforce beat expectations, a day after the announcement that Salesforce would join the Dow Jones Industrial Average. DiazMichael_ Salesforce is going to crash soon or tomorrow! People are over buying it after it’s “big earning report beat!” Look closely at the earning reports, EPS = -$0.18!? Losing money per share, yet trading at $216! Bulls are going to meet the bears! How about hootsuite?
Source: CNBC - 🏆 12. / 72 Read more »
Salesforce CEO Marc Benioff hints at no big acquisitions any time soon - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Salesforce stock is surging more than 25% a day after its blockbuster earnings reportWith Wednesday's share move, Salesforce stock is up nearly 70% year-to-date.
Source: CNBC - 🏆 12. / 72 Read more »
Salesforce spikes 29% on blockbuster earnings and boosted full-year forecast | Markets InsiderSalesforce.com blew earnings expectations out of the water after markets closed on Tuesday, trouncing expectations for second-quarter profits an...
Source: BusinessInsider - 🏆 729. / 51 Read more »