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Key Takeaways
- Salesforce is reportedly laying off 700 workers or around 1% of its workforce, in the latest of a series of job cuts.
- The move comes after a wave of layoffs by other big tech firms including Google, Amazon, and Microsoft.
- Last January, Salesforce cut around 10% of its workforce to rebalance following a pandemic-era hiring boom.
Salesforce (CRM) shares ticked 0.6% higher in intraday trading Friday following reports it’s laying off 700 workers or around 1% of its workforce, in the latest of a series of job cuts.
The move by Salesforce comes amid a wave of recent tech industry layoffs at companies including Microsoft (MSFT), Google (GOOGL), and Amazon (AMZN), among others.
However, Salesforce is still reportedly hiring for 1,000 open roles across the company, indicating the cuts could reflect an adjustment in the company’s labor force.
Nick Bunker, economic research director at Indeed’s hiring lab, said many tech giants are “adjust[ing] to the current economic outlook after a burst of hiring in 2021.”
Back in January of last year, Salesforce cut roughly 10% of its workforce as part of its rebalancing efforts after a pandemic-era hiring boom.
Salesforce shares were 0.5% higher at $280.50 per share as of about 1:15 p.m. ET Friday. They’ve gained close to 70% over the past year.