Salesforce (CRM.US) stock plunged more than 6% in pre-market despite the fact that the company posted strong quarterly results. The software giant earnings per share came in at $1.27 compared to analysts’ estimates of $0.92 and up 27% year-over-year. Revenues came in at $6.86 billion versus $6.80 billion that had been expected.
However, Salesforce forecast softer current quarter profits amid intensifying competition in the cloud and business software market. Company said its earnings per share for the December quarter will fall between $0.72 and $0.73, lower than Refinitiv analyst expectations of $0.81. The software maker expects revenue in a range of $7.224 to $7.234 billion vs. estimates of $7.23 billion. Separately, the company promoted Bret Taylor to act as co-chief executive alongside current CEO Marc Benioff. Taylor has served as Salesforce’s president and chief operating officer since 2019. Before that, he was chief product officer.
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Salesforce (CRM.US) stock fell sharply before the opening bell. Price broke below the upward trendline and lower limit of the 1:1 structure and is currently trading around $267.00 level which coincides with 38.2% Fibonacci retracement of the last upward wave. Source: xStation5
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