Salesforce's earnings report follows a slide in the company's stock price since April, though some analysts say the selloff is overdone.
, the company's philanthropic arm. Salesforce previously said it was expecting that deal to contribute around $150 to $200 million in revenue for its 2020 fiscal year.
While Salesforce shares are up close to 9% for the year, as of Tuesday's close, the stock is well off its high from April. Wedbush Securities analysts led by Steve Koenig wrote in a note to clients last week that negativity around Salesforce, followingreport, seemed overblown. Their channel checks suggested the core Sales Cloud product for managing sales leads had not seen a slowdown and that major deals were in the pipeline.
However, the company appears to have lost some business to Microsoft among small and medium-sized companies, said the Wedbush analysts, who recommend buying the stock. Still, global technology integrators have said they're not seeing Microsoft "gaining ground competitively," the Wedbush report said.
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