Salesforce faces an underappreciated risk: Platform customers jumping ship like Veeva
Publishing timestamp: 2023-03-04 10:00:01
Summary
Veeva Systems announced in December that it would move its customer management software off of Salesforce's platform and onto its own home-brewed technology in 2025. Salesforce posted robust earnings and guidance than analysts had estimated, prompting plaudits from Wall Street. Veeva is also on upswing, with shares rising 4% on Thursday after company's stronger-than-expected quarterly earnings. Veeva will demonstrate its software using Vault at its Commercial Summit conference in Boston in May. Salesforce's push toward increasing profits might not help them compete against Veeva after agreement ends in 2025.
Sentiment: NEUTRAL
Tickers: ZUO, AMZN, VEEV, NCNO, CRM,
Keywords: veeva systems inc, salesforce inc, zuora inc, technology, amazon.com inc, ncino inc, business, business news, breaking news: technology, enterprise,