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Salesforce shares slide on disappointing earnings and revenue forecast

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Salesforce beat expectations for its fiscal fourth quarter, but its guidance for the next quarter was below what analysts were anticipating.

Salesforce stock fell as much as 4 percent in extended trading on Monday after the cloud software company delivered weaker-than-expected earnings and revenue guidance.For fiscal 2019 and the latest quarter, revenue rose 26 percent, Salesforce said. Full-year revenue reached $13.28 billion.

Subscription and support revenue accounted for $3.38 billion of sales in the quarter, with professional services coming in at $228 million. The stock traded lower on Salesforce's forecast for earnings per share of 60 cents to 61 cents on $3.67 billion to $3.68 in revenue in the fiscal first quarter. Analysts polled by Refinitiv had been looking for guidance of 63 cents in earnings per share, excluding certain items, on $3.70 billion in revenue.

Full-year guidance was in line with estimates. For the entire 2020 fiscal year Salesforce is forecasting $2.74 to $2.76 in earnings per share, excluding certain items, on $15.95 billion to $16.05 billion in revenue. Refinitiv estimates were $2.75 in earnings per share, excluding certain items, and revenue of $15.99 billion.Executives will discuss the results with analysts on a conference call at 5 p.m. Eastern time.

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Sales force was a great product three years ago, but their lack of development in the auto business had us move on and cancel last month and change providers.

Real shocking. Maybe less social engineering and more salesforcing.

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