Salesforce had 73,541 employees at the beginning of last year - it is the largest employer in the San Francisco area. Unfortunately, that can lead to some leaving the business, and we support them through their transition,' a Salesforce spokesperson said. 'Our sales performance process drives accountability. ![]() In January, cloud-based software company Salesforce announced it will layoff 10 percent of its employees or about 8,000 workers.ĬEO Marc Benioff cited a rough period for the tech sector as well as over-hiring during COVID-19 leading to the decision. Musk previously said there was no other choice but to impose mass layoffs as the company loses hundreds of millions of dollars every year and needs a financial overhaul Salesforce 'I got this wrong, and I take responsibility for that.' 'Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected,' Zuckerberg said in a message to employees. Stocks have bounced back in 2023 but remained below their peak at the beginning on March. Meta, once worth more than $1 trillion, lost around 70 percent of its value last year alone. Like its peers, Meta aggressively hired during the pandemic to meet a surge in social media usage by stuck-at-home consumers.īut but the pandemic boom-times petered out as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates.Īfter plunging billions into CEO Mark Zuckerberg's Metaverse vision with little to show for it, Meta has been faced with rising costs and shrinking profits. Meta cut 13 percent of its workforce, or more than 11,000 employees, in November 2022 It cut 4,000 roles in its tech department in April in a second round of layoffs with a third round of cuts announced in May. ![]() The Facebook-parent said in November it would cut 13 percent of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs. In March, the company announced it would deliver another roughly 10,000 job cuts in the coming months and cease recruiting for the 5,000 positions it had been trying to fill. This has already surpassed the 165,000 jobs cut for the whole of 2022, according to analysis from Layoffs.fyi, which tracks firings in real time through information gleaned in media and company releases. A slew of tech companies have announced cost-cutting measures, with Amazon, Apple and Google-parent Alphabet all announcing hiring slowdowns or freezes.įor the sector, the pandemic boom turned to a post-pandemic bust, as rising interest rates batter share prices and inflation cuts into profits.Ī 'tech wreck' has been sweeping Silicon Valley this year with almost 200,00 jobs paying a combined $12 billion annually wiped out so far.
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