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Salesforce Reports Q3 Earnings – Announces Promotion Of Bret Taylor To Co-CEO

By John F. Heerdink, Jr.

CRM giant, Salesforce (CRM) reported third-quarter earnings ended October 31, reporting an increase in revenue by 27% to $6.86 billion. Profit, excluding some items, was $1.27 a share. The company released revenue and profit forecasts for the current period that fell below analysts’ estimates. For the fiscal fourth-quarter ending in January, profit, excluding certain items, is expected to be 73 cents a share below analysts’ estimates of 82 cents. Revenue will be as much as $7.23 billion, close to an estimate of $7.24 billion.

Sales for the first-quarter ending April are expected to be as much as $7.25 billion, close to analyst estimates of $7.35 billion. The guidance suggests that some Salesforce customers may not be willing to pay for new projects as Covid-19 cases rise and the new omicron variant emerges.

The company, separately, promoted Bret Taylor to co-Chief Executive Officer with Marc Benioff, who also will remain board chair. Taylor has been serving as president and chief operating officer since 2019.

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(Read Original Story: Salesforce Falls on Disappointing Profit, Sales Forecasts in Bloomberg)


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