Salesforce Slides After Disappointing Revenue Forecast
- Pace of sales growth stalling for cloud-based software maker
- Executives announce new 2023 revenue goal of up to $28 billion
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Salesforce.com Inc. gave a revenue forecast that fell short of estimates, stoking concern the torrid pace of the cloud software maker’s growth has stalled as it matures into a larger company. Shares declined about 3 percent in extended trading.
Sales will be $3.67 billion to $3.68 billion in the period ending in April, the San Francisco-based company said Monday in a statement. On average, analysts predicted $3.7 billion, according to data compiled by Bloomberg. The company’s profit forecast also missed projections.