Salesforce (NYSE:CRM) layoffs have the cloud data company cutting more jobs this month as tech companies continue to reduce headcounts.
According to recent reports, the Salesforce layoffs hit 300 people this month. It’s worth noting that the company employs roughly 72,682 people.
These build on other Salesforce layoffs recently. That includes the company cutting about 700 jobs at the start of the year. It’s also worth remembering that it cut 10% of its workforce in 2023.
Salesforce said the following about the layoffs to Bloomberg.
“Like any healthy business, we continuously assess whether we have the right structure in place to best serve our customers and fuel growth areas. In some cases that leads to roles being eliminated.”
Salesforce Continues Layoffs Trend
Salesforce isn’t the only tech company that has been cutting jobs in 2024. Several others in the sector have also been reducing their workforces. In fact, this has been going on for a couple of years now.
There are a few factors behind these layoffs. That includes tech companies seeing major growth during the Covid-19 lockdowns. This has them reducing headcounts now to right-size their workforces.
On top of that, inflation has been weighing on these companies and consumers. Also not helping matters is the high interest rates introduced by the Federal Reserve in an effort to combat inflation.
CRM stock is up slightly as of Tuesday morning.
There are more stock market stories ready to go below!
We have all of the latest stock market happenings worth reading about on Tuesday! Among that is what has shares of UnitedHealth (NYSE:UNH), Trump Media & Technology Group (NASDAQ:DJT) and Palantir Technologies (NYSE:PLTR) stock on the move today. All of this info is ready at the links below!
More Stock Market News on Tuesday
- UnitedHealth Cyber Attack Set to Weigh on UNH Stock Through 2024
- Trump Media Stock Falls on Plans to Resell Nearly 38 Million Shares of DJT
- Mizuho Just Issued a Warning on Palantir (PLTR) Stock
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.
