Salesforce's story had lost some of its luster recently amid a revenue growth slowdown, but the software giant was basking in glory yet again Thursday.
Salesforce Inc.’s story had lost some of its luster recently amid a revenue growth slowdown, but the software giant was basking in glory yet again Thursday after it projected a big profit increase in the year ahead.
Shares of Salesforce CRM were up more than 15% in premarket trading Thursday following the company’s fiscal fourth-quarter earnings report, putting them on track for their largest single-day percentage increase since Aug. 26, 2020 if gains of that magnitude carry through to the close of the regular session.
He added that “there has always been plenty of optionality for CRM around margins, but until now, it has been a trickle, not a step function move.” Interview: Marc Benioff reminds Wall Street that ‘this isn’t my first recession,’ saying Salesforce’s activists ‘made a lot of money today’ Salesforce has attracted the attention of numerous activist investors who have been agitating for change at the company, and DA Davidson’s Gil Luria thought the company’s Wednesday afternoon report would help “defang” those activists.
“We believe that CRM has done so much to address activists that the push for a spin may be harder to justify, especially since CRM is unlikely to get anywhere near the $28bn it paid for Slack,” Luria continued. “Given the gains some of the activists can realize at these share prices, their commitment to that pressure may not be quite as strong.”
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