Salesforce shares down 43% year to date
Salesforce shares have fallen to three-and-a-half-year lows, down about 10% over the past five trading sessions.
The company delivered adjusted earnings of $3.88 per share, beating Wall Street’s expectation of $3.12, and revenue of $11.13 billion, up 13% year over year.
The midpoint of Salesforce’s full-year revenue guidance came in at $46.05 billion, just below the $46.12 billion analysts expected.
Investors are concerned about how AI will translate to sales and profits at Salesforce, which spent $27 billion on stock repurchases.