Salesforce Shares Drop 10 percent Following Q3 Report & CEO’s Exit Announcement

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Salesforce (NYSE:CRM) shares fell nearly 10% intra-day today following the company’s reported Q3 results and co-CEO Bret Taylor’s sudden exit announcement.
Q3 EPS came in at $1.40, better than the Street estimate of $1.22. Revenue was $7.84 billion, compared to the Street estimate of $7.83 billion.
The CEO’s sudden decision to leave after only one year in the role coincides with the company’s slowing revenue growth as it faces strong competition from Microsoft and the like, a stronger U.S. dollar, and businesses cutting spending amid high inflation.
The company provided its Q4/23 outlook, expecting EPS in the range of $1.35-$1.37, compared to the Street estimate of $1.34. Revenue is expected in the range of $7.932-8.032 billion, compared to the Street estimate of $8.02 billion.

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