Salesforce (CRM.US) stock plunged more than 6% in pre-market despite the fact that the company posted strong quarterly results. The software giant earnings per share came in at $1.27 compared to analysts’ estimates of $0.92 and up 27% year-over-year. Revenues came in at $6.86 billion versus $6.80 billion that had been expected.
However, Salesforce forecast softer current quarter profits amid intensifying competition in the cloud and business software market. Company said its earnings per share for the December quarter will fall between $0.72 and $0.73, lower than Refinitiv analyst expectations of $0.81. The software maker expects revenue in a range of $7.224 to $7.234 billion vs. estimates of $7.23 billion. Separately, the company promoted Bret Taylor to act as co-chief executive alongside current CEO Marc Benioff. Taylor has served as Salesforce’s president and chief operating officer since 2019. Before that, he was chief product officer.
Salesforce (CRM.US) stock fell sharply before the opening bell. Price broke below the upward trendline and lower limit of the 1:1 structure and is currently trading around $267.00 level which coincides with 38.2% Fibonacci retracement of the last upward wave. Source: xStation5
Daily summary: Donald Trump sets the pace for market trading
Delays at Nvidia: Is the Kyber project at risk?
NATO Secretary General’s comments support European defense stocks
US OPEN: ISM and semiconductors in the spotlight after the long weekend
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
