Software stocks got pummeled this week after a cluster of troubling earnings reports
Publishing timestamp: 2024-06-01 10:16:20
Summary
Salesforce's disappointing revenue and weak guidance led to a significant drop in stock price. Many other enterprise technology companies also reported troubling commentary, with concerns about the impact of artificial intelligence and macroeconomic challenges. Overall, it was a brutal week for software and enterprise tech companies, with many experiencing declines in stock value. However, there were some exceptions, such as Zscaler, which saw a stock price jump after beating expectations for the quarter.
Sentiment: NEGATIVE
Tickers: PATH, ZS, OKTA, CFLT, GTLB, S, SNOW, MDB, VEEV, NOW, PAYC, CRM, DELL,
Keywords: business, confluent inc, salesforce inc, mongodb inc, sentinelone inc, paycom software inc, gitlab inc, dell technologies inc, snowflake inc., breaking news: technology, servicenow inc, uipath inc, business news, veeva systems inc, okta inc, zscaler inc, enterprise, technology,