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Source: Bjorn Bakstad / Shutterstock.comSalesforce (NYSE:CRM) stock is on the minds of investors Friday as they react to reports of layoffs and a hiring freeze at the U.S. cloud company.
According to these reports, the company laid off a total of 90 employees. The reasons behind the Salesforce layoffs, as well as the finer details of the job cuts, are unknown. However, it appears to be limited to mostly contract workers.
A statement from Salesforce backs this up. The company says it has ended relationships with “some temporary recruiting contractors.” These were brought on for a short time to help bolster numbers during a hiring period.
Details on the Hiring Freeze
Insiders claim that Salesforce only opened up to hiring new employees for about one month. Adding to that, the company notes that “most departments have reached their hiring goals for the fiscal year,” in an email to Protocol.
Sources close to the matter claim that Salesforce’s hiring freeze is set to last until January 2023. Investors following the stock will remember that it also enacted a hiring freeze back in May 2022. All of this comes as tech stocks deal with the ongoing effects of inflation, rising interest rates, and a recession.
CRM stock is down 1.3% as of Friday afternoon and is down 43.8% since the start of the year.
There’s more recent stock market news investors will want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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