Why Salesforce Rose Today
Shares of Salesforce.com (NYSE: CRM) were rising today, up 3.1% as of 2:05 p.m. ET, more than doubling the returns of the overall market on a broadly positive day for tech stocks.
The outsized gains came as the company announced a broad restructuring plan that will see cuts in both employees and real estate. Investors applauded management for acknowledging the challenging economic environment and adjusting accordingly, after high growth and spending during the pandemic's go-go times.
In a letter to employees, chairman and co-CEO Marc 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."
Source Fool.com
