Salesforce Inc.’s planned layoffs this year will mark the first annual layoffs since the customer relationship management software company went public in 2004.
An increase of 8% compared to 73,541 employees at the end of FY2022.
Since fiscal 2020, which ended just before the COVID-19 pandemic began, Salesforce’s headcount has jumped 62%.
On Jan. 4, 2023, when the company said it would cut 10% of its workforce, CEO Marc Benioff said the company was ” Hiring too many people,” as revenues accelerated during the pandemic.
DON’T MISS : Marc Benioff Reminds Wall Street ‘It’s Not’ This Is Me The first recession,” said the Salesforce activist, “made a lot of money today. ”
After laying off 10% of Salesforce, its headcount will remain at approximately 71,451, or well above the 56,606 headcount for fiscal 2021. As of January 31, 2020, the The company has 49,000 employees.
The company went public in June 2004 and had 767 employee filings as of January 31, 2005, according to its first 10-K. Since then, the workforce has grown by an average of approximately 30% per year (with a median increase of 28%). The largest annual increase in FY 2006, at 70%, and the smallest increase in FY 2023, at 8%.
Shares of Salesforce fell 2.3% on Thursday to close at $178.72, having soared 36.3% over the past three months, while SPDR S&P Software & Services exchange-traded fund XSW – 2.83% rose 7.1%, the Dow Jones Industrial Average DJIA,
-1.66% fell 3.7%.