Salesforce Falls as Revenue Forecast Misses Analysts’ Estimates
- Software maker announces a $10 billion buyback program
- Company also trims its sales forecast for the fiscal year
Cups sit on a shelf in the Salesforce.com Inc. office in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Salesforce Inc. gave a forecast for quarterly revenue that fell short of analysts’ estimates, suggesting that a choppy economy may be causing some customers to slow spending on business software. The shares declined in premarket trading.
Sales will be as much as $7.83 billion in the period ending in October, the San Francisco-based company said Wednesday in a statement. Analysts, on average, projected $8.05 billion, according to data compiled by Bloomberg. For the full year, the company cut its revenue forecast slightly to as much as $31 billion from $31.8 billion.