Salesforce stock decreased over 5% on earnings and the sudden departure of co-CEO Bret Taylor

Salesforce stock decreased over 5 on earnings and the sudden departure of co CEO Bret Taylor

December 6, 2022: On Wednesday, Salesforce reported earnings and revenue that beat analyst expectations. It announced that co-CEO Bret Taylor is stepping down. CEO and salesforce co-founder Marc Benioff will be the sole person in the area of the company.

Salesforce stock fell decrease 6% in extended trading. Salesforce added that it expected  $7.amid9 billion to $8.03 billion in revenue in the firm’s fourth financial quarter, lower at the midpoint than analyst anticipations of $8.02 billion in sales in the fourth quarter. The company said it was taking $900 million in sales because of foreign currency effects.

Salesforce’s total revenue raised 14% year-over-year. Last quarter, Salesforce trimmed its year-end anticipates for revenue and earnings, which predicted a weaker economic cycle. It reaffirmed those expectations on Wednesday.

Salesforce said its operating cash flow reached $313 million for the quarter, which decreased 23% year-over-year.

Subscription and support revenue, including the company’s flagship Sales, Cloud software, and most of the company’s sales, came in at $7.23 billion, up 13% year-over-year.

The Platform and another category, including Slack, reported $1.51 billion in sales, an 18% increase yearly.

The company said that Salesforce spent $1.7 billion on share repurchases in the quarter.

Posts You Might Like
Summary
Salesforce stock decreased over 5% on earnings and the sudden departure of co-CEO Bret Taylor
Article Name
Salesforce stock decreased over 5% on earnings and the sudden departure of co-CEO Bret Taylor
Description
Salesforce reported earnings and revenue that beat analyst expectations. It announced that co-CEO Bret Taylor is stepping down
Author
Publisher Name
The Women Leaders
Publisher Logo