1/4, 1:15 PM (Source: TeleTrader)
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Salesforce to lay off more than 7,000 employees

Salesforce Inc. is restructuring its business, which includes laying off 10% of the workforce, more than 7,000 employees, and reducing its office space in some markets, MarketWatch reported Wednesday, citing Salesforce co-Chief Executive Marc Benioff in a letter to employees.

"The environment remains challenging, and our customers are taking a more measured approach to their purchasing decisions," Benioff said.

In addition, Benioff stated he takes responsibility for hiring "too many people" when revenues soared at the start of the Covid-19 pandemic. Most of the layoffs will occur in the next few weeks.

Salesforce shares were up by 3.06% after the announcement in the premarket session at 7:10 am ET.

Baha Breaking News (BBN) / JG