https://www.cnbc.com/2022/11/08/salesforce-cut-hundreds-of-employees-on-monday.html

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Tech

Salesforce cut hundreds of employees Monday

Published Tue, Nov 8 20221:29 PM ESTUpdated Moments Ago
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Jordan Novet@jordannovet
WATCH LIVE
Key Points

  * Salesforce let go of fewer than 1,000 employees Monday, according
    to a person familiar with the move.
  * Top executives at some of the business software company's clients
    have been weighing in on purchases, resulting in longer deal
    cycles.

In this article

  * CRM

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Fast Money

Salesforce on Tuesday confirmed that it cut some employees this week
after the enterprise software maker saw demand lighten in some
countries and industries.

Protocol reported earlier on the cuts, saying they could affect up to
2,500 employees. One person familiar with the matter said Salesforce
let go of fewer than 1,000 people Monday. At the end of January it
employed 73,541 people. In August Salesforce said in a filing that
headcount rose 36% in the past year "to meet the higher demand for
services from our customers."

Marc Benioff, co-chief executive officer of Salesforce.com Inc.,
speaks during a keynote at the 2022 Dreamforce conference in San
Francisco on Sept. 20, 2022. Tens of thousands of techies will frolic
through kitschy national park-themed decorations in San Francisco's
downtown this week as Salesforce Inc.'s annual Dreamforce conference
returns in full after two pandemic years.
Marlena Sloss | Bloomberg | Getty Images

"Our sales performance process drives accountability. Unfortunately,
that can lead to some leaving the business, and we support them
through their transition," a Salesforce spokesperson told CNBC in a
statement.

Several technology companies, Salesforce included, have announced
plans to add employees at a slower rate than before this year to
weather rougher business conditions as prices and interest rates move
higher. Some of them have also gone a step beyond that and removed
some existing employees, as experts debate the timing of a possible
economic recession.

In August Salesforce issued full-year earnings and revenue guidance
that came in below expectations, sending the stock down 3% the next
day. Amy Weaver, Salesforce's finance chief, told analysts that
demand slowed down among small and medium-sized businesses,
particularly in North America and Europe, and in communications,
consumer goods, media and retail. Marc Benioff, Salesforce's
co-founder and co-CEO, said he expects longer sales cycles and
greater scrutiny of corporate purchases to persist.

One of Salesforce's top competitors in business software, Microsoft,
announced a round of job cuts in October.

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