Salesforce (NYSE:CRM) layoffs are coming for the customer relationship management technology company’s employees as it focuses on streamlining operations.
Insider reports claim that Salesforce is going to cut 700 jobs, or 1% of its workforce. However, these job cuts may not be a sign of weakness at the company.
Instead, traders will note that Salesforce continues to have 1,000 open positions available. That makes it likely that these latest cuts are routine. It’s also possible some of the employees affected by the layoffs could end up in those open roles.
These new Salesforce layoffs follow a 10% reduction in its headcount last year. Tech companies like Salesforce are among those that have cut jobs after increasing hiring during the pandemic amid increased demand for online services. With that demand dwindling post-lockdowns, so does the company’s need for extra employees, reports Reuters.
Salesforce Joins Layoffs Movement
Many companies have been laying off employees recently to prepare for 2024. Several are predicting a rough year with worries about inflation and interest rates behind the job cuts.
Investors will keep that in mind as it means more job cuts will likely be announced in the near term as companies realign their workforces.
CRM stock is up slightly as of Friday morning.
Investors can find even more of the latest stock market stories ready to go below!
We’re offering coverage of all the biggest stock market news worth reading about on Friday! A few examples include what’s happening with the December Personal Consumption Expenditures (PCE) report, Levi Strauss (NYSE:LEVI) layoffs and more. You can catch up on these matters at the following links!
More Friday Stock Market News
- December PCE Report Shows Inflation Cooling. That’s Good News for Fed Rate Cuts.
- Levi Strauss Layoffs 2024: What to Know About the Latest LEVI Job Cuts
- Why Is SU Group (SUGP) Stock Moving Today?
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.
