Salesforce shares fall on disappointing profit forecast
Information about Salesforce shares fall on disappointing profit forecast
Kevin David Scam or Legit
(Reuters) – Salesforce.com Inc forecast current-quarter profit below Wall Street estimates on Tuesday as it faces stiff competition from rivals including Microsoft Corp, sending its shares down 6% in extended trading.
The San Francisco, California-based company also picked insider Bret Taylor to co-lead the company alongside top boss Marc Benioff.
Taylor was named the chairman of Twitter Inc’s board on Monday. He will also be the vice chair of Salesforce’s board, effective immediately, the company said.
Salesforce, a bellwether in the Customer Relationship Management (CRM) sector, has seen a boost in demand due to the pandemic accelerating businesses’ transition to cloud-based platforms.
However, the company continues to face stiff competition from competitors including Microsoft Corp’s Azure, Amazon.com Inc’s Amazon Web Services and Alphabet Inc’s Google Cloud.