Salesforce (CRM) shares have experienced an 8% drop during early Thursday trading, prompted by the CEO's "appropriately conservative" forecast for the current quarter. Salesforce reported adjusted Q2 earnings per share (EPS) of $2.91, which not only showcases a 10% year-on-year revenue increase to $10.24 billion but remarkably surpasses the anticipated figures of $2.78 and $10.14 billion. Regardless, the company's projections for Q3 spooked investors. Salesforce's estimated Q3 EPS is said to rest between $1.60 and $1.62, with anticipated revenues between $10.24 and $10.29 billion. Analysts had pegged hopes on $1.83 and $10.29 billion, respectively. As a result, shares were hovering at a 23% year-to-date loss as of Thursday.
Salesforce Shares Drop 8% Amid "Conservative" Forecast
Salesforce’s Q3 forecast prompts a notable dip in stock value, despite surpassing Q2 estimates.
