- Joseph K
Salesforce soars 8% as cost cutting shows its ‘brand new religion’ to increase profits
Salesforce Inc. gained more than 8% in extended trading after giving a profit forecast for the current quarter that topped analysts’ estimates, showing strong momentum in its cost-cutting campaign.
Chief Executive Officer Marc Benioff has pleased Wall Street this year by rapidly expanding profit margins, in part by eliminating positions. The company had a full-time workforce of 70,843 as of Oct. 31, an 11% decline from the period a year earlier. The job cuts were part of a restructuring earlier in 2023, though in September Salesforce said it would hire more than 3,000 new workers, seeking to capitalize on interest in artificial intelligence.