Marc Benioff, the CEO of Salesforce, said in a recent interview published this week that San Francisco and the Bay Area are in trouble. Offering a dire outlook of the city, he said the downtown area is “never going back to the way it was” before COVID-19 when workers commuted to San Francisco’s offices on…
Supreme Court Reverses Ruling Against Slack Technologies Over Direct Listing
June 1, 2023
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The Supreme Court ruled in favor of a Big Tech company on June 1, issuing a unanimous ruling that limits the power of shareholders to sue over misleading statements made by companies when selling shares in a direct listing. Justice Neil Gorsuch wrote the court’s unanimous opinion (pdf) in Slack Technologies v. Pirani (court file…
Slack Bans Conservative ‘Libs of TikTok,’ Reports Daily Caller
March 1, 2023
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The conservative social media account Libs of TikTok has been banned by the instant messaging app Slack. Slack, which is owned by Salesforce, has allegedly permanently banned Libs of TikTok for an alleged violation of the platform’s “Acceptable Use Policy” which the company failed to specify. Libs of TikTok is a Twitter account that reposts…
Salesforce to Cut 10 Percent of Workforce in Latest Tech Layoffs
January 4, 2023
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Salesforce Inc. plans to cut its workforce by 10 percent and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with “too many people” amid an economic slowdown, sending its shares up 5 percent. The cloud-based software company said on Wednesday it expects between $1.4 billion and $2.1 billion…
Salesforce Cuts Forecast on Lower IT Spending, Forex Hit
Salesforce Inc. on Wednesday cut its annual revenue and profit forecasts over “measured” spending from clients and a hit from a stronger dollar, sending its shares down 7 percent in extended trading. Salesforce also announced stock repurchase of up to $10 billion, its first-ever buyback, while warning of challenges in North America and major European…
‘You Have to Look at Everything’: Salesforce’s CEO on How Growth Companies Can Survive This Market
Tech stocks are tumbling as the Federal Reserve wrestles with inflation in what is expected to be the central bank’s most aggressive tightening cycle in more than 40 years. What to Know On CNBC’s “Squawk On The Street” Wednesday, Salesforce Inc. CEO Marc Benioff said his cloud company was born into a recession. “In 2001, we almost lost our company because of a…
UBS Downgrades Salesforce.com to Neutral; Slashes Price Target by 16 Percent
UBS analyst Karl Keirstead downgraded Salesforce.com Inc. to Neutral from Buy with a price target of $265, down from $315. The price target implies an upside of 6.7 percent. After speaking to large enterprise IT executives and services partners of Salesforce, the analyst is concerned that more “front-office/sales and marketing” technology spend was pulled forward in 2020 and 2021…
Is Salesforce’s Stock Overvalued or Undervalued?
Salesforce.com, inc. shares have lagged the S&P 500 in 2021, generating a year-to-date total return of just 13 percent. Salesforce stock has had a wild ride in recent years, but investors may be wondering whether there’s any value in Salesforce shares after the recent pullback. Earnings A price-to-earnings ratio (PE) is one of the most…
Salesforce Stock Falls After Q3 Earnings: Analysts React to Conservative Guidance, Mulesoft Headwinds
Salesforce.com Inc. shares fell Wednesday after the company missed expectations with its fourth-quarter guidance. Salesforce reported third-quarter adjusted earnings per share (EPS) of $1.27 on revenue of $6.86 billion. Both numbers exceeded consensus analyst estimates of 92 cents and $6.8 billion, respectively. Revenue was up 27 percent from a year ago. Sales Cloud revenue was…
Rocket Mortgage Partners With Salesforce to Upgrade Mortgage Services for Financial Institutions
Rocket Mortgage, a division of Rocket Companies has teamed with Salesforce in a partnership that will make the Detroit-based company’s mortgage origination technology available to banks, credit unions, and other financial institutions through Salesforce Financial Services Cloud. What Happened According to the companies, Salesforce Financial Services Cloud enables financial institutions to deliver quality service through…
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