Traffic jam:   2

Salesforce shares down 6%

1 December 2021
2 min.
Salesforce shares down 6%

Shares still down

Salesforce (CRM) reported record revenues, beating analysts' forecasts, but gave a worse-than-Wall Street earnings outlook. The company has appointed Bret Taylor as co-CEO, who is seen as the future successor to current CEO Marc Benioff.

Salesforce (CRM) shares, up 28% YTD, fell 6% in after-hours trading on the back of the company's Q3 fiscal 2022 financial report, which ended 31 December. 2022, which ended on 31 October.

The big announcement was the appointment of Bret Taylor as co-CEO with current CEO Marc Benioff.

Taylor has played a central role in Salesforce's most important product developments over the past few years: the development of Customer 360, Hyperforce, and also oversaw Salesforce's largest ever acquisition of Slack.

Salesforce Q3 report

Salesforce's earnings per share fell 27% from a year ago to $1.27.

Total revenues rose 27% to a record $6.86 billion, also above Wall Street expectations of $6.8 billion.

Salesforce forecasts

Salesforce management expects revenues to rise to $7.22 billion to $7.23 billion in the fourth fiscal quarter, above the company's previous forecast and in line with analysts' forecasts of $7.22 billion.

However, Salesforce's earnings per share forecast for the December quarter suggests a drop to $0.72 $0.73, below analysts' average expectations of $0.81.

For Q1 fiscal 2023, Salesforce is forecasting revenues of $7.215 billion to $7.25 billion, indicating slower growth, and below the Wall Street forecast of $7.35 billion. In fiscal 2023, Salesforce expects revenue of $31.7 billion to $31.8 billion, up 20% from the projected numbers for fiscal 2022 and in line with analysts' perceptions.

Analysts' view

Analysts noted that Salesforce's weak projections could be related to management's concerns about the impact of the new strain and rising COVID-19 incidence on customers' willingness to pay for new projects.

Commenting on Salesforce's financial report in August, CEO Marc Benioff said the company had "never seen better results or more momentum" than during the pandemic, with the COVID Delta strain set to "only accelerate" Salesforce's business.

However, analysts believe Salesforce continues to face stiff competition from major rivals, including Microsoft's Azure (MSFT), Amazon Web Services from Amazon (AMZN) and Alphabet's Google Cloud (GOOGL, GOOG).

Persons2 and Companies7 in the news

Co-Chief executive officer at Salesforce
1 place
Chair & CEO of Salesforce
2 place
1 place
4 place
5 place
6 place


Rating companies
32 Mention
Dow Jones
28 Mention
X (Twitter)
22 Mention
JP Morgan Chase
20 Mention
Bloomberg L.P.
18 Mention
18 Mention
17 Mention
14 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Died this year
Born this year