Salesforce Cuts 700 Jobs in Latest Big Tech Layoff

By
Naomi Buchanan
Naomi Buchanan
Full Bio
Naomi Buchanan is a reporter at Investopedia breaking down news stories that impact investors.
Learn about our editorial policies
Published January 26, 2024
A Salesforce sign outside of the company's headquarters.

David Paul Morris / Bloomberg / Getty Images

Key Takeaways

  • Salesforce is reportedly laying off 700 workers or around 1% of its workforce, in the latest of a series of job cuts.
  • The move comes after a wave of layoffs by other big tech firms including Google, Amazon, and Microsoft.
  • Last January, Salesforce cut around 10% of its workforce to rebalance following a pandemic-era hiring boom.

Salesforce (CRM) shares ticked 0.6% higher in intraday trading Friday following reports it's laying off 700 workers or around 1% of its workforce, in the latest of a series of job cuts.

The move by Salesforce comes amid a wave of recent tech industry layoffs at companies including Microsoft (MSFT), Google (GOOGL), and Amazon (AMZN), among others.

However, Salesforce is still reportedly hiring for 1,000 open roles across the company, indicating the cuts could reflect an adjustment in the company's labor force.

Nick Bunker, economic research director at Indeed’s hiring lab, said many tech giants are "adjust[ing] to the current economic outlook after a burst of hiring in 2021."

Back in January of last year, Salesforce cut roughly 10% of its workforce as part of its rebalancing efforts after a pandemic-era hiring boom.

Salesforce shares were 0.5% higher at $280.50 per share as of about 1:15 p.m. ET Friday. They've gained close to 70% over the past year.

Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. The Wall Street Journal. "Salesforce Laying Off 700 Workers in Latest Tech-Industry Downsizing."

  2. Indeed. "Data/Commentary: Indeed's Nick Bunker's Thoughts on Recent Tech Layoffs."

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.