Salesforce Announces Four-for-One Stock SplitLisa Rapaport
Salesforce.com Inc., the largest maker of online customer-management software, has approved a four-for-one stock split amid a surge in cloud computing that has propelled the stock to records.
The change will take effect for stockholders of record on April 3 and increase the total number of authorized shares to 1.6 billion from 400 million, the San Francisco-based company said today in a statement.
Chief Executive Officer Marc Benioff is seeking to accelerate growth by pushing beyond cloud-computing software for sales management. He’s offering customer service, online marketing and human-resources software over the Web. Salesforce closed at a record high on March 1 after reporting sales and profit that topped estimates as those expansion efforts prompted more businesses to sign bigger deals.
The shares rose as much as 2.4 percent in extended trading, and they earlier increased less than 1 percent to $172.73 at the close in New York.