Salesforce reported a fourth-quarter loss of $98 million, or 10 cents a share, on revenue of $8.38 billion, up from $7.33 billion a year ago. After two years of weaker profit growth, $CRM beat expectations and projected big gains in the year ahead:
Salesforce Inc. produced better adjusted earnings than expected in the fourth quarter and executives projected big profit gains this year in a Wednesday report, sending shares more than 12% higher amid activist-investor pressure.
Salesforce shares have been on a tear this year, as activist investors have piled into the stock in unprecedented fashion. At least five activists have reportedly amassed investments in Salesforce as the stock has gained more than 25% this year, the strongest year-to-date gain for a Dow Jones Industrial Average DJIA, +0.02% component.Those gains follow the worst year for Salesforce stock since 2008, as shares dove 47.8% while earnings declined.
Benioff believes that profit will grow much faster to a much larger record total this year. Salesforce executives guided for fiscal-year adjusted profit of $7.12 to $7.14 a share and revenue of $34.5 billion to $34.7 billion Wednesday, while analysts on average were expecting annual earnings of $5.87 a share on sales of $33.89 billion, according to FactSet.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
At Marc Benioff’s Salesforce, It’s One Big Family—Until Trouble HitsSalesforce told employees they were like family. But when the tech giant hit hard times, the layoffs started. “The success of the business has to be paramount.”
Read more »
Marc Benioff's Salesforce fairy tale is crumbling down around himSalesforce has been a unique tech company, able to sell itself as a "family" while generating near-universal praise from Wall Street. But that is...
Read more »
Column: It’s a down year for free agency — so how will the Chicago Bears navigate it, loaded with $98 million in cap space?The Chicago Bears are flush with cap space in a down year for free agency. It's still a chance for GM Ryan Poles to help the team in meaningful ways.
Read more »
Salesforce Reportedly Kept Matthew McConaughey on the Payroll as It Cut Thousands of WorkersA new report shows CEO Marc Benioff is caught up in a fight for Salesforce’s soul as execs pressure him to axe low-performing staff.
Read more »
Salesforce reportedly paying McConaughey millions despite layoffsSalesforce has been reportedly paying Matthew McConaughey $10 million a year to act as a 'creative adviser' despite laying off 8,000 employees last month
Read more »
Amid layoffs, Salesforce reportedly has been paying Matthew McConaughey more than $10 million a yearWhile Salesforce Inc. has been slashing jobs and looking for ways to cut costs, it has also reportedly been paying actor Matthew McConaughey more than $10...
Read more »