Salesforce (NYSE:CRM) stock is on the minds of investors Friday as they react to reports of layoffs and a hiring freeze at the U.S. cloud company.
According to reports, the company has laid off “at least 90 employees.” The reasons behind the Salesforce layoffs, as well as the finer details of the job cuts, are unknown. However, the cuts appear to be limited to mostly contract workers.
A statement from Salesforce backs this up. The company says it has ended relationships with “some temporary recruiting contractors.” These contractors were brought on for a short time to help bolster numbers during a hiring period.
CRM Stock: Details on the Hiring Freeze
Insiders claim that Salesforce only opened up to hiring new employees for about one month. Adding to that, the company noted to Protocol that “most departments have reached their hiring goals for the fiscal year.”
Sources close to the matter claim that Salesforce’s hiring freeze is set to last until January 2023. Investors following CRM stock will remember that the company also enacted a hiring freeze back in May 2022. All of this comes as tech stocks deal with the ongoing effects of inflation, rising interest rates and a recession.
CRM stock is down 1.3% as of Friday afternoon and down 44% since the start of the year.
There’s more recent stock market news investors will want to know about below!
InvestorPlace has all of the hottest stock news traders need to know about for Friday! That includes all of the latest news concerning shares of Plug Power (NASDAQ:PLUG), Eargo (NASDAQ:EAR) and Castellum (NYSEMKT:CTM) stock today. You can catch up on all of that news at the following links!
More Friday Stock Market News
- Why Is Plug Power (PLUG) Stock Down Today?
- Dear EAR Stock Fans, Mark Your Calendars for Oct. 20
- What Is Going on With Castellum (CTM) Stock Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
