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Salesforce shares drop as cloud demand hurts forecasts

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Salesforce has forecast second-quarter profit and revenue below estimates due to weak client spending on its cloud and enterprise business products, sending its shares down more than 16% after the bell on Wall Street.

The company said it expects revenue between $9.20 billion and $9.25 billion compared with estimates of $9.37 billion, according to LSEG data.

Salesforce has been heavily investing in AI for months and integrating the technology into the workflows of its large suite of products to drive revenue and margins. The company's first-quarter adjusted earnings per share jumped 44% to $2.44, higher than expectations of $2.38.

 

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