Finance

Marc Benioff led Salesforce Downsizes, Lays Off Hundreds Of Workers

11/09/2022
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  • Salesforce, Inc (NYSE: CRM) laid off hundreds of people this week, TechCrunch reports.

  • Salesforce said it was less than a thousand and informed the people yesterday.

  • The news comes on the heels of activist investor Starboard Value taking an undetermined stake in the company last month.

  • Related: Will Mark Zuckerberg’s Layoff Plan Restore Meta Investors’ Confidence? Analyst Says It ‘Still Doesn’t Make Up For…’

  • Salesforce recognized that it needed to cut back on spending, even before Starboard’s involvement.

  • Salesforce CFO Amy Weaver stated in an Investor Day presentation last month that even as the company was shooting for $50 billion in revenue by FY 2026, it was also looking to get more profitable by aiming for a 25% operating margin in the same period.

  • Salesforce had more than 73,000 employees before this action, so the layoff represented a fraction of the workforce.

  • Price Action: CRM shares are up by 0.41% at $147.70 premarket on the last check Wednesday.

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    Source: https://finance.yahoo.com/news/marc-benioff-led-salesforce-downsizes-132749528.html