Salesforce Inc. CRM, +10.02% laid off hundreds of employees from its sales team, according to news reports, as the tech sector continues to wrestle with a challenging economic environment.
‘The housing market will get smaller in 2023,” Kelman wrote in an email to staff. “A layoff is awful but we can’t avoid it,” he added. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” he wrote in a post on the company’s public newsroom. “I got this wrong, and I take responsibility for that.”
The cuts, which came just before the midterm elections, have also sparked concern about the microblogging site’s ability to fight misinformation in the postelection period.In November, Lyft Inc. LYFT, +6.02% announced plans to lay off 13% of its workforce, or about 683 employees. The ride-hailing company’s executives described the move as a proactive step as they eye a possible recession and plan for the coming year.
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