US software company Salesforce lays off hundreds of employees
New Delhi: Experts say recession is fast approaching and tech trade could be the main victim. Tech companies around the world are laying off their employees to better prepare for the coming recession. Now, another tech company, Salesforce, has announced that it will be laying off many employees this week to cut extreme spending. According to critics, around a thousand people have been fired worldwide.
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Salesforce CFO Amy Weaver said in an Investor Day presentation last month that the company will post $50 billion in revenue by FY26. He is also trying to add an additional reward by targeting a work margin of 25% over the same period. The way this ultimately leads to price slicing.Meta begins a MASSIVE layoff
Meta boss Mark Zuckerberg spoke to dozens of executives on Tuesday (local time) and confirmed the employee layoffs Wednesday morning. Zuckerberg expressed defeat at Tuesday's meeting and said he was responsible for the company's missteps. His over-optimism about the development had led to overcast skies according to meeting attendees, the Wall Street Journal (WSJ) reported.
The company is set to begin laying off thousands of employees starting Wednesday, and it will undoubtedly be the biggest in the tech sector so far this year, The Wall Street Journal reported, citing people with knowledge of the matter.
The employees who will be made redundant will receive at least 4 months' salary, the newspaper reported. According to the report, Zuckerberg cited recruiting and corporate groups as those dealing with layoffs. An internal announcement of the layoff plan is expected around 6 a.m. Wednesday, Fox News reported.