Salesforce, the leading cloud-based software company, has recently announced a reduction in its workforce. However, this news seems to have had little impact on the company’s stock shares.
According to an anonymous source cited by The Wall Street Journal, Salesforce is laying off approximately 700 employees, accounting for about 1% of its total workforce. This comes after a much larger round of layoffs last year, which saw around 8,000 jobs being cut due to investor pressure to reduce costs.
In comparison to other recent job cuts in the tech industry, Salesforce’s layoffs appear to be relatively mild. The company currently has around 1,000 open positions, indicating that these cuts might simply be a routine adjustment of its workforce. The main objective behind these layoffs is to enable Salesforce to focus its spending on driving growth, as stated in the report.
Despite the news of job cuts, Salesforce shares only experienced a slight decrease of 0.2% during premarket trading. This performance was slightly better than the tech-heavy Nasdaq stock index futures, which were down by 0.6%.
At the time of writing, Salesforce has not provided any official comments regarding these layoffs.
