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☆ Bernstein downgrades Salesforce, says stock could fall nearly 20% as it enters a 'growth purgatory'
▼ + stars: | 2023-01-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Salesforce is falling into a "growth purgatory," and it may have some trouble clawing its way out, according to Bernstein. "Salesforce's growth is slowing and mgmt is implementing large force and cost reductions as they scramble to drive margin improvement," he wrote in a Wednesday note to clients. Much of the savings are necessary to offset slowing growth, and therefore, the big lift to margins is unlikely to occur." According to Moerdler, Salesforce's growth has been on a deceleration path for years, with a slew of acquisitions helping shield the downward cycle. Salesforce's stock plummeted in 2022, falling nearly 48% as growth names took a hit in an environment defined by rising interest rates and recession fears.

[1/4] Taiwan's Air Force's Mirage 2000-5 aircraft is seen at Hsinchu Air Base, in Hsinchu, Taiwan, January 11, 2023. REUTERS/Ann WangHSINCHU, Taiwan, Jan 11 (Reuters) - A Taiwan air force officer revealed details on Wednesday of a rare interaction between the island's military and NATO, describing how he had attended a six month academic programme with senior officials in Italy. Speaking to reporters on a trip to the Hsinchu air base in northern Taiwan, air force Lieutenant Colonel Wu Bong-yeng said he had attended a six month course at the NATO Defence College in Rome in 2021, returning to Taiwan in January last year. Taiwan's defence ministry told Reuters that Wu was not the first officer it had sent to the defence college. In August, China staged large-scale war games around Taiwan to express anger at then-U.S. House Speaker Nancy Pelosi visiting Taipei.

☆ Explainer: Why the U.S. is overhauling its marines on Japan's Okinawa
▼ + stars: | 2023-01-11 | by ( Tim Kelly | ) www.reuters.com time to read: +3 min

The U.S. military presence on Okinawa, which began during World War Two, includes most of the 18,000 U.S. marines stationed in Japan. MARINE LITTORAL REGIMENTSThe U.S. Marine Corps is creating 'Marine Littoral Regiments' of around 2,000 troops as part of restructuring plan proposed by the Marine Commandant General David Berger in 2020. Dispersing marine units across Okinawa, even if only temporarily, could see U.S. troops return to islands along the chain for the first time since Washington returned Okinawa to Japanese control in 1972. JAPAN'S OKINAWA PIVOTTo reinforce Okinawa, Japan is building new anti-ship and air defence missile bases, and radar stations, including one on Yonaguni, it hopes will deter Chinese forces from attacking. Those weapons, along with anti-ship missiles fielded in Okinawa by the new littoral regiments, could help close a growing missile gap with China, say experts.

☆ Marc Benioff may be right that Salesforce's young, remote employees are hurting the company's productivity. But it's not their fault.
▼ + stars: | 2023-01-10 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +4 min

Salesforce's CEO said the company's younger, remote workers may be less productive than their peers. It's possible that Salesforce's younger, remote employees are less productive than the rest of the staff. But it's unlikely that the problem is remote work itself, or the work ethic of remote employees, based on the growing body of research on flexible work. The problem isn't remote work — it's how remote workers are managedBut Salesforce's problem probably isn't necessarily that it permits remote work. On the other hand, Neeley wrote, leaders who micromanage their employees' time "are the kiss of death in hybrid work."

☆ Welcome to Salesforce's week from hell.
▼ + stars: | 2023-01-09 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

While I learn how to math, my editors Matt Weinberger and Jake Swearingen will update you on tech this week via this newsletter. Before I bounce, let's catch up on the big pains of Big Tech. This type of messiness will likely permeate throughout Big Tech this year. Welcome to Salesforce's week from hell. The day after announcing big layoffs last week, CEO Marc Benioff didn't seem to notice that he was a full 18 minutes late to an all-hands meeting to discuss the cuts.

☆ Salesforce's Marc Benioff defends his statements that new employees — and possibly younger remote workers — are not as productive, in leaked all-hands meeting
▼ + stars: | 2023-01-09 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +5 min

In leaked all-hands audio, he doubled down, then questioned if younger remote workers were less productive, too. And this time, he made a new suggestion — that younger employees not coming into the office may be less productive as well, according to leaked audio of the meeting shared with Insider. "When we look at some percentage of the employees, especially some of the folks that are new employees, are just not as productive." "Are we not managing our remote employees well enough? Employees who heard their CEO repeat these allegations on the productivity of new employees, younger employees, remote employees — particularly in sales — were less than pleased.

☆ Inside Salesforce's week from hell: Angry employees describe chaos, confusion and 'tone deaf' leaders as they fight for their jobs
▼ + stars: | 2023-01-07 | by ( Ashley Stewart | Ellen Thomas | ) www.businessinsider.com time to read: +9 min

"We can't sleep at night," one employee told Insider. Senior vice presidents who were not themselves impacted were invited to a mandatory meeting, Salesforce said. "Can execs commit to never referring to Salesforce employees as 'family' again? "Ohana is far gone," one employee told Insider. Are you a Salesforce employee or do you have insight to share?

☆ The new F-15EX took a 'major step' closer to carrying more air-to-air missiles than all other US Air Force fighters in testing
▼ + stars: | 2023-01-06 | by ( Jake Epstein | ) www.businessinsider.com time to read: +3 min

The newest Air Force fighter jet recently conducted a successful missile test. The test was a big step for the F-15EX Eagle II, a new aircraft slated to replace aging F-15s. As Defense News reported, the F-15EX Eagle II will also carry more missiles than the other fighter jets in the Air Force's inventory. The advanced F-15EX Eagle II is a two-seater aircraft capable of carrying up to 30,000 pounds of missiles and munitions. Following the recent test, the Air Force said that after testing wraps up, operational units will receive F-15EX fighters able to carry a full load of 12 missiles.

☆ Salesforce co-CEO Marc Benioff hints at more potential layoffs after this week's job cuts
▼ + stars: | 2023-01-06 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

The virtual meeting came a day after Salesforce announced that it was cutting 10% of jobs, amounting to over 7,000 positions. Tech companies are shrinking their workforce for the first time in years as they reckon with slowing growth, rising interest rates and a potential recession. Now Salesforce is retrenching as revenue growth is slowing and as it faces an activist investor concerned about operating leverage. During Thursday's meeting, Benioff expressed frustration about media reports that surfaced regarding his his comments. WATCH: Jim Cramer says more tech layoffs are coming after Salesforce cuts 10% of its headcount

☆ Qualcomm, Salesforce to build new connected vehicle platform for automakers
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - U.S. chip designer Qualcomm Inc (QCOM.O) and cloud-based software firm Salesforce Inc (CRM.N) plan to develop a new connected vehicle platform for automakers, the companies said on Thursday. The platform for cars with internet access would use Qualcomm's Snapdragon digital chassis and Salesforce's cloud services to help automakers personalize user experiences using real-time data, according to the companies. The Snapdragon digital chassis, used by carmakers and their suppliers, can provide assisted and autonomous driving technology, as well as in-car infotainment and cloud connectivity. Earlier on Wednesday, Qualcomm unveiled a processor chip for cars called Snapdragon Ride Flex SoC that handles both assisted driving and cockpit functions, including entertainment. Japan's Sony Group Corp (6758.T) also said on Wednesday its newly unveiled prototype of the "Afeela" electric vehicles will use technology from Qualcomm, including its Snapdragon digital chassis.

☆ Salesforce is a cautionary tale for other tech companies
▼ + stars: | 2023-01-05 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

It's only day five of the month, but there have already been more tech layoffs than there were in all of January 2022. I'm your host Diamond Naga Siu, and I'm here to walk you through the latest tech job cuts. Salesforce CEO Marc Benioff announced yesterday that it's shuttering multiple offices and entering its second round of layoffs within months. These are issues unique to Salesforce, but other tech companies have also been fumbling for a while. And the cloud company's layoffs signal that the tech industry is going to continue downhill this year, as customers cut spending.

☆ Slack is cutting 10% of its product and engineering org 18 months after Salesforce spent $27.7 billion to acquire it
▼ + stars: | 2023-01-05 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +3 min

Salesforce has targeted Slack's product and engineering organization for layoffs, sources tell Insider. Slack is laying off 10% of its product and engineering organization, according to two people familiar with the matter. Yet some Salesforce managers, even senior managers and senior vice presidents, were blindsided yesterday as they had no forewarning when the layoffs would commence, Salesforce employees told Insider. In five Slack exchanges viewed by Insider, managers told direct reports they had learned of the layoffs from Benioff's company-wide email. Insider confirmed that roughly 1,000 Salesforce employees were notified on Wednesday of their terminations.

☆ In leaked all-hands meeting, Marc Benioff tells Salesforce staffers to expect staggered rounds of layoffs — but didn't say who will be next
▼ + stars: | 2023-01-05 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +4 min

Salesforce CEO Marc Benioff held an all-hands Thursday discussing the company's ongoing layoffs. Benioff and other executives did not say which jobs will be cut or how many rounds there will be. Salesforce CEO Marc Benioff addressed staff in an all-hands meeting on Thursday for the first time after announcing the company would be cutting 10% of the workforce. But after the nearly two-hour long meeting, which included a question-and-answer session, rattled Salesforce staffers were left with more questions than answers, three employees present at the meeting told Insider. "We just hired too many damn people in the last year and a half," Benioff told staffers.

☆ 2023 has barely started and Amazon, Salesforce, and Vimeo have already announced over 25,000 job cuts
▼ + stars: | 2023-01-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Media company Vimeo also said on Wednesday it will lay off 11% of staff. The massive job cuts — which was first reported by the Wall Street Journal on Wednesday — were far higher than Amazon's initial plans of 10,000 job cuts. Amazon employs 1.5 million workers and this round of job cuts is the largest in the company's history. Media company Vimeo also said on Wednesday it will lay off 11% of its total staff. The staff cuts will help Vimeo address economic concerns, a company spokesperson told Insider's Grace Kay.

☆ Jim Cramer says more tech layoffs are coming after Salesforce cuts 10% of its headcount
▼ + stars: | 2023-01-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer says more tech layoffs are coming after Salesforce cuts 10% of its headcountCramer gave investors his thoughts on Salesforce's announced layoffs on Wednesday.

☆ Jim Cramer: Investors are waiting for Silicon Valley to 'own up' and cut workforce
▼ + stars: | 2023-01-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer: Investors are waiting for Silicon Valley to 'own up' and cut workforceCNBC's Squawk on the Street committee discuss Salesforce's decision to cut part of its workforce and more.

☆ Salesforce is cutting 10% of its personnel, more than 7,000 employees
▼ + stars: | 2023-01-04 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Salesforce is cutting 10% of its personnel and reducing some office space as part of a restructuring plan, the company announced Wednesday. Days later, the company announced the departure of Slack CEO Stewart Butterfield, who joined Salesforce as part of its biggest acquisition ever. Now, like many other major tech companies, Salesforce is looking to cut costs as it contends with slowing revenue growth and a weakening economy. Amazon, Lyft, HP and DoorDash also announced significant cuts to their workforces. Salesforce said it expects its employee restructuring to be complete by the end of fiscal 2024, and its real estate restructuring to be complete by fiscal 2026.

☆ In Salesforce layoffs, MuleSoft is hardest hit as the company cuts the first 1,000 employees of its planned 10% workforce reduction
▼ + stars: | 2023-01-04 | by ( Ashley Stewart | Ellen Thomas | ) www.businessinsider.com time to read: +3 min

Salesforce plans to cut 10% of its workforce, co-CEO Marc Benioff told employees Wednesday. MuleSoft was the hardest hit by layoffs so far, which amount to around 1,000, insiders said. Salesforce has already laid off about 1,000 employees as part of a plan to slash 10% of its workforce, and the MuleSoft unit was the hardest hit so far, insiders said. A Salesforce spokesperson referred Insider to the email when asked for comment on the details of this report. Benioff has been stoking employees' fearsBeyond MuleSoft, Benioff stoked many Salesforce employees' fears in a recent all-hands when asked about the possibility of future layoffs and how the company planned to balance cost-saving with employee morale.

☆ Salesforce's cost-cutting plan is a much-needed move for an economic downturn
▼ + stars: | 2023-01-04 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

Salesforce (CRM) laid out a cost-cutting plan on Wednesday that is a step in the right direction for the banged-up Club holding. I know that Starboard would've liked double that [number of layoffs] because that's how bloated they think that Salesforce became." Salesforce is the latest tech company to slash headcount as business slows down from Covid-fueled growth and recession fears mount. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Salesforce's massive layoffs are a sign for Silicon Valley that the worst is yet to come
▼ + stars: | 2023-01-04 | by ( Matt Weinberger | Paayal Zaveri | ) www.businessinsider.com time to read: +5 min

Cloud companies took a hit in 2022 and saw massive cuts in public and private valuations. Analysts say that Salesforce, Microsoft, and other business-oriented tech companies are staring down the barrel of customers cutting their IT budgets. The rush to remote working at the beginning of the pandemic meant companies purchased tons of new cloud software tools. For software vendors, any company that's offering a single tool versus a platform is likely to see cuts, RBC said. RBC analysts are expecting more layoffs ahead.

☆ Jim Cramer: More tech layoffs are coming after Salesforce's 10% cut
▼ + stars: | 2023-01-04 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Wednesday warned investors that the tech industry will likely see more layoffs due to continuing macroeconomic headwinds. His comments come after Salesforce said Wednesday that it is slashing 10% of its staff and curtailing office space. The layoffs, part of a broader restructuring plan at Salesforce, are the company's latest headcount reductions after it let go of hundreds of employees in November. Nor am I saying that tech stocks can rally endlessly on cost cuts," he said. Disclaimer: Cramer's Charitable Trust owns shares of Salesforce and Meta Platforms.

☆ Cramer on recent tech layoffs, earnings and big tech's recent rebound
▼ + stars: | 2023-01-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer on recent tech layoffs, earnings and big tech's recent reboundCNBC's Squawk on the Street committee discuss Salesforce's decision to cut part of its workforce, other companies Cramer wants to cut their workforce and more.

☆ Jim Cramer predicts these 10 Dow stocks will perform well in 2023
▼ + stars: | 2023-01-03 | by ( Krystal Hur | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Tuesday offered investors a collection of stocks that he believes will perform well this year. Procter & GambleThe company is the best of the bunch when it comes to recession-proof stocks, according to Cramer. Johnson & JohnsonThe company has one of the best and fastest-growing pharma businesses, according to Cramer. Goldman SachsCramer predicted that the company will likely perform better this year than last year, even though IPOs, mergers and acquisitions are unlikely to make a comeback in 2023 as the economic environment remains turbulent. Disclaimer: Cramer's Charitable Trust owns shares of Honeywell, Procter & Gamble, Johnson & Johnson, Disney, Cisco and Salesforce.

☆ Only 3 countries have managed to build 5th-generation fighters, but nearly a dozen are already working on 6th-gen jets
▼ + stars: | 2023-01-03 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +12 min

(The recently unveiled B-21 bomber is billed as the world's first sixth-gen aircraft, but little is known about its capabilities.) Lockheed Martin, Northrup Grumman, and Boeing are believed to be competing to build the jets, and all have released illustrations of sixth-gen aircraft. FCAS/SCAFA full-scale model of the Future Combat Air System at the Paris Air Show in June 2019. An illustration of Japan's next-generation fighter aircraft concept. While China is making heavy investment in military aviation, Russia's ability to develop next-generation jets may be shrinking.

☆ Prolonged fighting in Ukraine is revealing the Russian air force's fragility, researchers say
▼ + stars: | 2023-01-01 | by ( Michael Peck | ) www.businessinsider.com time to read: +5 min

Other decisions by Russian commanders are setting the air force up for future problems. Another sign of poor discipline is the habit of stacking munitions next to aircraft parked at Russian air bases. RUSI believes they have "corresponded with a significant reduction in the scale and complexity of VKS air operations over Ukraine since the beginning of the conflict." Mihail Siergiejevicz/SOPA Images/LightRocket via Getty ImagesStill more ominous are the implications for future Russian air operations over Ukraine. Russia needs to maintain a flow of properly trained pilots, as well as competent and disciplined ground crews.

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