Salesforce is laying off 10% of its global workforce and closing some of its offices, the company said on Wednesday.
Echoing other tech executives, Salesforce co-CEO Marc Benioff wrote in a letter that the software giant expanded too quickly during the pandemic and must cut workers now to prepare for an economic downturn.
“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,” he wrote.
U.S.-based employees will receive a minimum of five months of severance pay, and those outside the U.S. will receive “a similar level of support,” Benioff added.
The CEO said that workers affected would receive an email within the hour notifying them of the news.
Asked for comment, the company referred to an SEC filing that contained Benioff’s letter.
Salesforce joins Meta, Stripe, Twilio and a host of other Bay Area-based tech firms that have laid off workers in recent months amid the threat of a recession.