Salesforce Dismisses One-Tenth Of Headcount As Silicon Valley Layoffs Continue Into New Year

A screen shows the closing numbers on the trading floor at the New York Stock Exchange (NYSE) in New York City on September 22, 2022. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

At a glance

  • “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,” Benioff remarked, adding, “I’m grateful for every single one of you who has contributed to our continued success as a company, and the hard work and sacrifices you have made to generate success for our hundreds of thousands of customers.”
  • Employees impacted by the layoffs were told they would receive emails within one hour of the letter would receive five months of pay and health insurance.
  • Shares for Salesforce increased more than 3 percent on Wednesday; the company’s stock price declined more than 40 percent last year.

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