Salesforce shares fell 20% Thursday morning after the company released weaker-than-expected fiscal first-quarter results on Wednesday.
Despite the miss, many analysts are optimistic about how the company could benefit from its use of generative artificial intelligence.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% days after the company went public.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.
Citi analysts said broader macroeconomic challenges"returned with a vengeance" during Salesforce's first quarter. They noted that the period has also been weaker for other software companies, but that execution issues and changes to Salesforce's go-to-market strategy also impacted the company's performance.
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