(Bloomberg) -- Salesforce Inc. shares fell as much as 17% in premarket trading after the software maker said sales growth in the current quarter will stall...
-- Salesforce Inc. shares fell as much as 17% in premarket trading after the software maker said sales growth in the current quarter will stall to its slowest in history, fueling concerns about the company’s ability to stay relevant as the industry shifts toward artificial-intelligence tools.Revenue will rise as much as 8% to $9.25 billion in the period ending in July, the San Francisco-based company said Wednesday in a statement.
Salesforce’s Data Cloud, which organizes information for analysis and artificial intelligence, is a major focus for executives and investors. The business unit containing Data Cloud, Mulesoft, and Tableau increased 24% to $1.4 billion. Analysts, on average, expected $1.36 billion.Salesforce recently considered buying Informatica Inc., a maker of data-organization software, underscoring its investment in the product category, before talks fizzled.
Current remaining performance obligation, a measure of contracted sales, increased 10% to $26.4 billion, below estimates. This underperformance may have been due to large deals not closing or headcount among customers remaining stagnant, wrote Anurag Rana, an analyst at Bloomberg Intelligence. The retailer once known for toned models and low-rise jeans just notched $1 billion in sales—its best first quarter in the history of the company. -Salesforce forecast second-quarter profit and revenue below Wall Street estimates on Wednesday due to weak client spending on its cloud and enterprise business products, sending its shares down more than 16% after the bell.
Salesforce Artificial-Intelligence Premarket Trading Marc Benioff Bloomberg Television Sales Growth Publicly Traded Company
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Public inquiry into foreign meddling in Canada's elections drops its first report todayCommissioner Justice Marie-Josee Hogue listens during the Public Inquiry Into Foreign Interference in Federal Electoral Processes and Democratic Institutions in Ottawa on Tuesday, April 2, 2024.
Read more »
America’s Wind Power Production Drops for the First Time in 25 YearsUS wind power slipped last year for the first time in a quarter-century due to weaker-than-normal Midwest breezes, underscoring the challenge of integrating volatile renewable energy sources into the grid.
Read more »
Salesforce stock is sinking on its Q2 earnings forecastsSalesforce (CRM) shares are sinking after Wednesday's market close as the cloud computing company reported mixed first-quarter earnings results. Salesforce...
Read more »
ECB to Impose First-Ever Fines on Banks for Climate FailuresThe European Central Bank is set to take the unprecedented step of imposing fines on several lenders for their protracted failure to address the impact of climate change.
Read more »
Samsung Union Plans First-Ever Strike as Wage Talks Break DownSamsung Electronics Co.’s labor union said it will carry out its first strike in the company’s history after wage negotiations with management stalled.
Read more »
Nvidia stock leaps above $1,100 for the first time ever — thanks to Elon MuskThe increase of AI investment has continued to boost optimism over Nvidia's growth as the chipmaker continues its record-setting stock rally.
Read more »