In an effort to improve profitability, Salesforce, Inc. cut hundreds of workers from sales teams as economic headwinds from a slowing economy diminished demand for its software products.

In a statement Tuesday, a Salesforce spokesman said, “Our sales performance process drives accountability. Unfortunately, that can lead to some leaving the business, and we support them through their transition.”

As the largest private-sector company in San Francisco, Salesforce had almost tripled its number of employees over the last five years, mostly through dozens of acquisitions of other businesses. The company reported 78,634 workers as of July 31st. Now, after spending years focused almost entirely on growing revenue, the company is pivoting to focus on a new profit margin target of 25% by 2026.

It was revealed last month that Starboard Value, a well known activist investor, had acquired a stake in the company. It complained the top producer of customer management software had developed issues of translating growth into profitability, and was falling behind competitors. While it hailed the company’s new financial targets as a step in the right direction, it noted they are far less ambitious than those set by rivals such as Workday Inc. and ServiceNow Inc.

The layoffs at Salesforce are part of a wave of downsizing sweeping across the tech sector, with companies such as Meta Platforms Inc. and Amazon Inc. noting they will be pausing hiring and reducing their workforces as customer spending sags, and inflation combines with a stronger dollar to reduce overseas revenues.

The layoffs at Salesforce had earlier been reported by Protocol, which noted the software company planned to fire 2,000 people, “or more,” most likely before Thanksgiving. Salesforce declined comment on whether there would be any further cuts.