Salesforce, Okta, Snowflake and more

Sales force (CRM): Salesforce co-CEO and vice president Bret Taylor will step down as of January 31, 2023, the company announced in Wednesday’s earnings release. Co-founder Marc Benioff will become Salesforce’s solo CEO.

For the third quarter, Salesforce reported adjusted earnings of $1.4 billion per share on revenue of $7.84 billion, well ahead of Street estimates for the top and bottom lines. Despite the beat, shares fell in extended trading after the company’s fourth-quarter revenue forecast of between $7.9 billion and $8.03 billion fell short of analyst expectations.

alright (OKTA): Shares jumped in after-hours trading after the company’s fourth-quarter adjusted earnings guidance went from 9 cents to 10 cents a share, beating analyst estimates for a loss of 11 cents. per share.

The company reported total third-quarter revenue of $481 million, up 37% from a year ago. Subscription revenue was $466 million, up 38% year over year.

Snowflakes (SNOW): Shares of Snowflake fell after the company’s fourth-quarter product revenue forecast missed estimates, signaling a slowdown in technology spending. Snowflake sees $Q product revenue of $535 million to $540 million, below analyst estimates of $551.9 million.

The year below (FIVE): Shares of the retailer rallied after the company raised its full-year guidance. The year below now has net sales for the fiscal year of $3.04 billion to $3.06 billion, up from the previous level of $2.97 billion to $3.02 billion. Five Under CEO and President Joel Anderson said the company is “continuing to strike,” writing in the earnings release, “We delivered better third-quarter results than we’ve been guiding. We defy the difficult and challenging macro environment year by year. compare.” Shares of Five Under have risen more than 23% in the past six months.

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