Salesforce forecast third-quarter revenue below Wall Street expectations on Wednesday, hit by weaker spending on its enterprise cloud products in an...
- Salesforce forecast third-quarter revenue below Wall Street expectations on Wednesday, hit by weaker spending on its enterprise cloud products in an uncertain economy.
Salesforce's forecast comes as the software-as-a-service pioneer faces a challenging macro environment surrounding cloud spending as clients slash tech budgets owing to high interest rates. The Fed is shifting its gradualist stance amid uncertain labor market data, which will prompt steeper rate cuts, JPMorgan analysts say.US stocks close Wednesday in negative territory, the tech-heavy Nasdaq Composite dropping by 1.12% just before Nvidia is due to release its second quarter earnings results. Josh Lipton and Jared Blikre look back on the day's market activity, noting trends in the small-cap Russell 2000 index and sector winners and losers.
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