Salesforce has announced that it’s cutting some 10% of its workforce, impacting more than 7,000 employees, while it will also shutter offices in “certain markets.”

“I’ve been thinking a lot about how we came to this moment,” Benioff wrote. “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.”

Benioff said that those impacted in the U.S. will receive a “minimum” of almost five months worth of pay, as well as health insurance and “other benefits to help with their transition.” Outside the U.S., Benioff said workers can expect a “similar level of support.”

Salesforce said that the restructuring effort will cost it between $1.4 billion and $2.1 billion, which it expects to incur in Q4 of fiscal 2023.

Salesforce to cut workforce by 10% after hiring ‘too many people’ during the pandemic by Paul Sawers originally published on TechCrunch