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Wed, April 5 at 4:00PM ET

Salesforce Layoffs 2023: What to Know as CRM Cuts Jobs

  • Salesforce (CRM) layoffs are in the news Friday following thousands of job cuts.
  • These are part of its layoffs announced in January.
  • The company is looking to cut 10% of its workforce.
Salesforce Layoffs - Salesforce Layoffs 2023: What to Know as CRM Cuts Jobs

Source: Sundry Photography / Shutterstock.com

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!

InvestorPlace is home to all of the hottest stock market news for Friday! Our coverage today includes what’s moving shares of Desktop Metal (NYSE:DM), Gaucho Group (NASDAQ:VINO), and Sidus Space (NASDAQ:SIDU) stock. You can get up to speed on all of this at the links below!

More Friday Stock Market News

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/salesforce-layoffs-2023-what-to-know-as-crm-cuts-jobs/.

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