Salesforce shares plunge on revenue miss, weak forecast

Salesforce’s shares dropped 13% in after-hours trading following weaker-than-expected revenue and lower guidance. The company reported earnings of $2.44 per share, slightly beating expectations, but revenue came in at $9.13 billion, missing estimates. For the upcoming quarter, Salesforce projected earnings per share of $2.34 to $2.36 on revenue of $9.2 billion to $9.25 billion, falling short of analysts’ expectations. Revenue for the fiscal first quarter increased by 11% to $8.25 billion compared to the prior year. The executive team will discuss the results on a conference call.