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Salesforce Inc. announced it would reduce its workforce by 10% after Salesforce Inc. hired too many employees in the wake of the economic downturn.
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Customers became more cautious about spending, forcing the company to cut back.
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According to Wednesday's regulatory filing, the company aims to complete the workforce restructuring by fiscal 2024.
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It will reduce its real property holdings in a plan expected to be complete in fiscal 2026.
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Marc Benioff, Chief Executive Officer, told employees Wednesday that "the environment remains challenging" and
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That customers are adopting a more measured approach when purchasing.
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"As our revenue increased through the pandemic, we hired too many people, leading to this economic downturn we now face, and I accept responsibility."
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Salesforce estimates that the reductions will result in savings of $1.4 billion to $2.1 trillion.
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The fourth quarter of fiscal 2023 will see as much as $1 billion in savings.