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Business, Stocks

“Salesforce shares tumble 20%, on pace for worst day since 2004”

“Shares of Salesforce tumbled 20% Thursday morning, putting the stock on pace for its worst day in nearly 20 years. Its worst trading day on record is July 4, 2004, when shares fell 27% just days after the company went public.

The drop comes after Salesforce on Wednesday reported fiscal first-quarter results that missed Wall Street’s estimates for revenue for the first time since 2006. It also gave lighter-than-expected guidance. The cloud software vendor said revenue for the period increased 11% to $9.13 billion, which was shy of the $9.17 billion expected by analysts, according to LSEG.

Salesforce expects second-quarter adjusted earnings per share of $2.34 to $2.36 on $9.2 billion to $9.25 billion in revenue. Analysts surveyed by LSEG were expecting $2.40 in adjusted earnings per share on $9.37 billion in revenue…”

https://www.cnbc.com/2024/05/30/salesforce-stock-fall-earnings-revenue-miss.html

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