Salesforce (NYSE:CRM) layoffs are a hot topic again on Friday as the company reveals more details about its job cuts.
That includes thousand of the company’s employees being laid off in the last few days. However, it’s important to note that this isn’t a new round of layoffs from the U.S. cloud-based software company.
Instead, these Salesforce layoffs are part of those that were announced back at the start of January. At that time, the company said it intended to lay off about 7,000 employees, or 10% of its workforce. The Salesforce layoffs on Thursday saw the company laying off 4,000 workers as it looks to reach that 10% in job cuts.
What’s Behind the Salesforce Layoffs
Salesforce is reducing its headcount after the company overhired during the Covid-19 pandemic. Even so, investors will note that many of the employees that were laid off yesterday had been with the company for more than five years.
Salesforce is just one of many tech companies that’s adjusting its workforce following the pandemic. The lockdowns increased demand for tech company services, which resulted in them hiring more employees. Now that the pandemic has died down, companies are cutting jobs as demand decreases.
CRM Stock is down almost 1% as of Friday morning.
Investors seeking out more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (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.