By Will Feuer


Salesforce Inc. said it is embarking on a restructuring plan that includes laying off 10% of the workforce and reducing its office space in certain markets, the latest tech company to seek to trim costs as trends normalize after pandemic-fueled growth spurts.

"The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," Salesforce co-Chief Executive Marc Benioff said in a letter to employees.

Mr. Benioff said the business-software provider hired too many people as revenue surged earlier in the Covid-19 pandemic. "I take responsibility for that," he said.

Most of the layoffs will occur over the coming weeks, Mr. Benioff said.

The company said it expects to incur about $1.4 billion to $2.1 billion in charges due to the plan. About $800 million to $1 billion is expected to be incurred in the company's fiscal fourth quarter.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

01-04-23 0659ET