Salesforce Inc. plans to cut its workforce by 10 percent and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with “too many people” amid an economic slowdown, sending its shares up 5 percent.
The cloud-based software company said on Wednesday it expects between $1.4 billion and $2.1 billion in charges due to the job cuts, of which about $800 million to $1 billion will be recorded in the fourth quarter.
Companies from Meta Platforms Inc. to Amazon.com Inc. have in the past year shrunk their employee base to prepare for a deep downturn as global central banks have aggressively raised interest rates to tame stubbornly high inflation….