The company’s growth has slowed during the past four quarters.
Businesses that relied on cloud services during the pandemic are now trying to reduce expenses through job cuts or delaying new projects, hurting companies such as Salesforce and Microsoft.
“The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” co-Chief Executive Officer Marc Benioff said in a “The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” co-Chief Executive Officer Marc Benioff said in a letter to employees.
“Companies will want to show voting shareholders that they can once again deliver value through investment returns even amidst a downturn,” said Joshua White, a finance professor at Vanderbilt University. “Layoffs will be a big part of that equation.” Salesforce said affected employees in the United States will receive a minimum of about five months pay, health insurance and other benefits.
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