Salesforce to cut 1,000 jobs after reporting record quarter

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Shares surge 29% on strong projections, bringing gains for the year to 65%

Salesforce.com plans to cut about 1,000 jobs, people familiar with the situation said, a move by the software giant to streamline its business even as it reports record quarterly revenue and forecasts further gains.

In the US, the move affects some workers who sell the company’s software aimed at financial-services firms, health and life-science companies and other cloud sales teams, one of the people said. The cuts are taking place in more than a dozen Salesforce locations around the world, including in Canada, another said. Some employees focused on Service Cloud, Salesforce Platform and configure-price-quote software were also affected, a third person said.

On Tuesday, while some employees were being told via videoconference that their positions would be eliminated, Salesforce reported that revenue climbed 29% to $5.15bn. The company also raised its forecast for annual sales, signalling the deepest effects of the pandemic-fuelled recession may be behind the software maker. Shares of the San Francisco-based company surged as much as 29% on Wednesday in New York on the rosy projections, bringing gains for the year to 65%.

 

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