Salesforce Is Laying Off 10% of Its Staff. Time to Sell the Stock?
Sometimes, bad news is good news.
That seemed to be the market's reaction to Salesforce's (NYSE: CRM) layoffs announcement this morning, as investors bid the stock up 3% in afternoon trading.
The cloud software giant is cutting roughly 8,000 employees, or about 10% of its workforce, as part of a larger restructuring plan. In a brief letter sent to employees this morning and made public in an SEC filing, CEO 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."
Source Fool.com