165
Salesforce announced in a filing with the US SEC that it will cut 10% of its workforce by the end of fiscal 2024 as part of a plan to reduce operating costs and improve margins, in light of the complex economic scenario.
The software company also announced plans to reduce office space and vacate some real estate in a bid to cut expenses.
Salesforce, which currently employs approximately 80,000 people, expects to incur $1.4 billion to $2.1 billion in restructuring plan-related charges and estimates an outlay of $800 million to $1 billion in the fourth quarter of fiscal 2023 .
Shares of the tech company are up about 3% in New York, while the Nasdaq 100 gains 1%.