Salesforce’s 10% Staff Cut Highlights Slowdown in Tech Spending

Salesforce Inc. will cut about 10% of its workforce and reduce real estate holdings after the enterprise software company said it hired too many people during the pandemic-fueled boom and is adjusting to more cautious spending by customers.

The workforce moves should be completed by the end of fiscal 2024, Salesforce said Wednesday in a regulatory filing, and cost the company $1.4 billion to $2.1 billion. As much as $1 billion of that will come in its fiscal fourth quarter. Salesforce had about 80,000 employees.

Salesforce’s difficulties reflect growing economic anxiety among its corporate customers. During a November earnings ...