Salesforce, an enterprise software company which is headquartered in San Francisco, California, has laid off nearly 1000 employees. The company confirmed the news in a statement on its website. The layoffs are part of a restructuring plan to cut costs and focus more on growth.
Salesforce CEO Marc Benioff said in a statement: “We are reducing our workforce by about 10 percent, with the majority of this reduction coming from our sales and marketing teams.”
The company did not disclose how many people were affected by the cuts. However, Benioff said that it is taking place at its headquarters in San Francisco as well as other offices around the world. He added that there will be no changes to local hiring or retention policies for current employees who will continue working at their usual locations until further notice.
Salesforce has laid off nearly 1000 employees. Salesforce is a cloud computing company that allows businesses to create and manage their marketing systems, sales processes, and customer relationships. The company was founded in 1999 by Marc Benioff, who is currently the CEO of Salesforce.com.
The company’s stock price dropped by more than 20% after they announced they will be laying off more than 1 thousand employees from their company. In an interview with CNBC Benioff said that this decision was made after he realized that the company needed to make some major changes for it to compete with other tech giants like Alphabet (Google) or Amazon.
The layoffs come after the company’s revenue fell by 12% year-over-year in Q1 2019. The company also reported a net loss of $3 billion for the first quarter of 2019 despite posting a $54 million profit last year when things were going well for them at first!
Salesforce laid off nearly 1000 employees today, according to a statement from the company. The layoffs have been widely reported over the past few weeks but were only confirmed by Salesforce today.
The move comes at a time when the company is facing increased competition from its recently-acquired competitor, Marketo. Salesforce CEO Marc Benioff has said that the company will be focusing on delivering more value for its customers and investing in artificial intelligence to stay ahead of its competitors.
Salesforce’s shares were down more than 4% today as investors worry about whether or not this is a sign that Salesforce plans to abandon its growth strategy and focus more on cost-cutting and maximizing shareholder value.
Salesforce, one of the largest CRM (Customer Relationship Management) software companies in the world, has laid off nearly 1000 employees.
Salesforce is shutting down its small business services division and eliminating jobs for about 900 people. The company said in a statement that it will be moving its small business customers to other Salesforce offerings.
The company said it plans to invest $1 billion in cloud computing and artificial intelligence by 2020. It’s also investing $1 billion over five years in mobile solutions.