11/8/2022, 8:36 PM (Source: TeleTrader)
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Salesforce lays off employees - report

Salesforce confirmed on Tuesday that a number of layoffs occurred this week, CNBC reported citing a company spokesperson.

"Our sales performance process drives accountability. Unfortunately, that can lead to some leaving the business, and we support them through their transition," the company's spokesperson was quoted as saying. The report cites a source familiar with the matter, claiming that fewer than 1,000 employees were let go so far. According to earlier reports by Protocol, the software giant is looking to cut 2,000 or more staff overall, citing 'performance' issues.

In October, hedge fund Starboard Value LPS acquired a "significant" stake in the software company, according to its CEO Jeff Smith, who stated that the 50% annual drop in Salesforce's shares was caused by a "sub-par mix of growth and profitability."

Baha Breaking News (BBN) / MX