Salesforce shares plunge 16% on first revenue miss since 2006
Publishing timestamp: 2024-05-30 06:40:59
Summary
Salesforce's quarterly forecast fell short of expectations, with revenue growing 11% but missing estimates. Shares plummeted 17% in extended trading. The company reported weaker-than-expected revenue and issued guidance below Wall Street's expectations. Salesforce saw budget scrutiny and longer deal cycles, leading to a decrease in revenue from Professional Services. Despite this, net income jumped and the company lifted its earnings forecast for the 2025 fiscal year. Salesforce also introduced new AI features and was in talks to acquire Informatica.
Sentiment: NEGATIVE
Keywords: breaking news: earnings, breaking news: technology, technology, earnings, salesforce inc, business news, informatica inc, business, enterprise,
Source: https://www.cnbc.com/2024/05/29/salesforce-crm-q1-earnings-report-2025.html