Salesforce Inc fell 5 per cent on Thursday after reporting quarterly revenue that increased at its slowest pace since 2010, with companies cutting back spending on cloud-based software offerings.The enterprise software maker was set to shed nearly $12 billion in market value, based on its premarket share
Salesforce Inc fell 5 per cent on Thursday after reporting quarterly revenue that increased at its slowest pace since 2010, with companies cutting back spending on cloud-based software offerings.
Salesforce on Wednesday posted its smallest rise in quarterly revenue in 13 years and predicted a further slowdown ahead, blaming an uncertain U.S. economy and weaker demand from financial services and tech companies. "Backlog is getting weaker, and while management points to macro, the subscription nature of the business means that these numbers won't see any dramatic turnarounds," brokerage Bernstein said.
Salesforce posted a net income of $199 million, compared with $28 million a year earlier, with operating margin rising to 5.0 per cent from 0.3 per cent.
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