Salesforce.com, Inc. (NYSE:CRM) Reports A Growth Of 29% YoY In Q2 2021: Eliminates 1,000 Jobs

Salesforce.com, Inc. (NYSE:CRM) posted 29% YoY growth to $5.15 billion in Q2 2021. It expects to post revenues of $20.8 billion in 2021. The company reported better than expected growth in Q2 2021 on the backdrop of a growing demand for its online business software, supporting commerce and remote work during the ongoing coronavirus crises.

Software providers benefit the most during the COVID-19 pandemic because many companies extended work from home options to their employees till the end of 2021.

CEO of Salesforce, Marc Benioff, said the company created history by reporting exemplary growth in Q2 2021 despite facing challenges by its communities worldwide. The company achieved success in this quarter, utilizing the power of its Customer 360 Platform, giving priority to the customers, and the resilience of its business model.

Set to join Dow Jones Industrial Average index

Salesforce is set to establish its footprint in the Dow Jones Industrial Average Index on August 31, 2020. The company offers various digital products that allow companies to manage their orders, customer relationships, marketing, and e-commerce. President of Salesforce, Bret Taylor, said those technologies help the companies quickly launch curbside pickup options to their clients without much coding.

In an interview with Reuters, Taylor said the company’s software solutions simplify the use and don’t need a professional developer to setup. The products offered by Salesforce are comprehensive and positions the company to thrive in this current scenario.

Reduces less than 2% of its workforce

Salesforce is retrenching 1,000 of its employees despite posting better growth in Q2 2021. The company added great wealth to its coffers. Mark said the company has to make difficult decisions, such as lowering the employee count, just like other companies are doing to move forward during the current situation. It gave 2-months to its employees to find a suitable position within the company.

Mark Hawkins, CFO of Salesforce, commenting on the job cuts, said the company is making changes to position it for continued growth. The company will redirect its resources to drive growth in the next 12 to 24 months.

Salesforce is retraining and reskilling its employees besides helping those affected by jobs to find a new job.