Salesforce to lay off 10% of workforce after hiring 'too many people'

The company had hired 10,000 people since 2021 and had nearly 80,000 employees.

The company hired rapidly during the pandemic "to meet the higher demand for services".

The cloud-based software firm said the job cuts would lead to about $1.4 billion to $2.1 billion in charges.

Only about $800 million to $1 billion will be recorded in the fourth quarter.

Many cloud services businesses are now trying to reduce expenses and are delaying new projects that are hurting companies such as Salesforce.

Amidst this challenging environment customers are taking a more measured approach to their purchasing decisions.

Salesforce co-Chief Executive Officer Marc Benioff said "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."