We're cutting our price target on Salesforce after mixed earnings, soft guidance

📆 29/05/2024 07:46 p. m.
📰 CNBC

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We believe the sell-off Wednesday is overdone, but also understand stocks aren't rewarded when growth is slowing.

Salesforce shares sank more than 16% Wednesday after reporting mixed earnings and revised guidance lower. The cloud software company is a high-quality stock in a rough neighborhood — at least for the near term. Revenue increased 11% year over year to $9.13 billion in the three months ended April 30, missing the $9.18 billion expected by analysts, according to estimates compiled by LSEG. Adjusted earnings per share of $2.44 rose 44% on an annual basis and topped the $2.

Signage on a Saleforce office building in San Francisco, California, U.S., on Tuesday, Feb. 23, 2021.Salesforce shares sank more than 16% Wednesday after reporting mixed earnings and revised guidance lower. The cloud software company is a high-quality stock in a rough neighborhood — at least for the near term.

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