Salesforce Shares Plunge by Most Since 2008 After Weak Outlook
- Quarterly revenue gains 11%, slightly below estimates
- CEO Benioff touts the potential of AI-related products
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Salesforce Inc. shares dropped the most in almost two decades after projecting the slowest quarterly sales growth in its history, renewing concerns that the company will be left behind in the artificial intelligence boom.
Revenue will rise as much as 8% to $9.25 billion in the period ending in July, the San Francisco-based company said Wednesday in a statement. That would be the first quarter of single-digit sales growth for Salesforce in its almost two decades as a publicly traded company. The stock fell 20% to $218.01 at the close Thursday in New York, the biggest single-day decline since July 2004.