For the first time since 2006, the business announced quarterly results that fell short of Wall Street’s projections.
Apart from its yearly corporate gathering, which it markets as a kid-friendly music festival, Salesforce isn’t in a great place at the moment. The cloud software provider revealed some of its lowest ever earnings on Wednesday, raising concerns about how the corporate software sector is faring in the face of artificial intelligence.
Salesforce’s shares dropped 20% yesterday in reaction to Q1 reports that revealed a slowdown in growth. It was the worst day for the stock in 20 years, and if these negative trends continue, Salesforce’s market worth may plummet by around $50 billion. A few shortcomings
The firm failed to meet projections for the first time since 2006. It fell short of Wall Street’s $9.17 billion estimate, reporting an 11% increase in revenue to $9.13 billion.
Year over year, billings grew by a record-low 3%.
Why is Salesforce the color blue? AI would be that. Investors are investing so much in AI that there is less money going toward enterprise software, and experts don’t think Salesforce will be able to leverage AI to increase profitability very soon.
In summary, cloud software is no longer the money maker that it once was. Stocks of other businesses, including as Workday and UiPath, have plummeted following less-than-expected reports.
Source:
https://www.morningbrew.com/daily/stories/2024/05/31/ai-is-the-thorn-in-salesforce-s-side
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