Salesforce shares sink after weak profit forecast

Shares of workplace software company Salesforce fell 15% in after-market trading on Wednesday as sales and earnings forecasts missed forecasts.

Salesforce said it forecast second-quarter earnings per share of $1.31 to $1.33 a share, well below the consensus estimate of $1.47 a share. Quarterly revenue is forecast at between $9.2 billion and $9.25 billion, below analysts’ expectations of $9.37 billion.

The company also lowered its estimate for full-year subscription sales growth to slightly “below” 10%, from the 10% it forecast in February.

Marc Benioff, chief executive, said Salesforce is “at the beginning of a huge opportunity” with its deployment of artificial intelligence tools.


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