Salesforce shares tumble 20%, on pace for worst day since 2004

Source: CNBC

“Shares of Salesforce tumbled 20% Thursday morning, putting the stock on pace for its worst day in nearly 20 years. Its worst trading day on record is July 4, 2004, when shares fell 27% just days after the company went public. The drop comes after Salesforce on Wednesday reported fiscal first-quarter results that missed Wall Street’s estimates for revenue for the first time since 2006. It also gave lighter-than-expected guidance. The cloud software vendor said revenue for the period increased 11% to $9.13 billion, which was shy of the $9.17 billion expected by analysts, according to LSEG.” (05/30/24)