Salesforce has stopped registering some European sales in the UK due to how volatile the pound has become since Brexit.
The software giant said it lost $79 million (£65 million) in 2019 due to the country's planned exit from the European Union.
The company announced it has "started to implement initiatives" to bypass its UK sales office, such as charging customers directly from local offices in France and Germany, as well as investing resources in Dublin that could "partially mitigate the impact" Brexit has on its operations.
"Revenues in Europe were negatively impacted by approximately $79 million in fiscal 2020 compared to fiscal 2019 as a result of the strengthening British Pound Sterling," the company wrote in its annual report.
"We recognise that there are still significant uncertainties surrounding the ultimate resolution of Brexit negotiations, and we will continue to monitor any changes that may arise and assess their potential impact on our business."
Brexit was a big business concern at the start of the year, and though it's since been overshadowed by the global coronavirus pandemic, it's still very much an issue. Salesforce's European business accounts for roughly a fifth of its annual revenue, which came in at $17 billion in 2019,
The company had previously revealed plans to increase its Irish workforce to around 3,000 staff over five years, but that could be accelerated based on its own findings. It currently has around 2,000 employees in the UK, according to reports.
Recently the company has seen a number of leadership changes, such as co-CEO Kieth Block stepping down in August and Dame Jayne-Anne Gadhia leaving after just six months as the UK chief executive.
At the end of April, Salesforce was also forced to cancel its annual tech conference, Dreamforce, which was due to take place in November.
"As the COVID-19 situation continues to evolve, our first priority is to help ensure the health and safety of our customers, partners, employees and communities," the company said.
"With this in mind, we have decided to reimagine our events through the end of the year in new and virtual ways. This will be true for all events, including Dreamforce, Tableau Conference 2020, Tableau Conference Europe, TrailheaDX India and our World Tours."
-
What does modern security success look like for financial services?Sponsored As financial institutions grapple with evolving cyber threats, intensifying regulations, and the limitations of ageing IT infrastructure, the need for a resilient and forward-thinking security strategy has never been greater
-
Yes, legal AI. But what can you actually do with it? Let’s take a look…Sponsored Legal AI is a knowledge multiplier that can accelerate research, sharpen insights, and organize information, provided legal teams have confidence in its transparent and auditable application
-
UK firms are pouring money into AI, but they won’t see a return on investment unless they address these key issuesNews An SAP report projects increased AI investment, but cautions that too many organizations are taking a fragmented approach
-
Intel makes high-level hires while factory workers are warned of layoffsNews The company is appointing four senior executives as part of efforts to refocus on engineering and customer relationships
-
UiPath names Simon Pettit as new AVP for UK and IrelandNews The seasoned leader will spearhead region-specific transformation projects as UiPath looks to drive operational growth and customer engagement
-
How to empower employees to accelerate emissions reductionin depth With ICT accounting for as much as 3% of global carbon emissions, the same as aviation, the industry needs to increase emissions reduction
-
Worldwide IT spending to grow 4.3% in 2023, with no significant AI impactNews Spending patterns have changed as companies take an inward focus
-
Report: Female tech workers disproportionately affected by industry layoffsNews Layoffs continue to strike companies throughout the tech industry, with data showing females in both the UK and US are bearing the brunt of them more so than males
-
How can small businesses cope with inflation?Tutorial With high inflation increasing the cost of doing business, how can small businesses weather the storm?
-
How to deal with inflation while undergoing digital transformationIn-depth How can organizations stave off inflation while attempting to grow by digitally transforming their businesses?
