Salesforce cuts annual sales estimates on COVID-19 hit [Toronto Globe and Mail (Ontario, Canada)]
Salesforce, Inc. (CRM)
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Source: Toronto Globe and Mail
Salesforce cuts annual sales estimates on COVID-19 hit Salesforce.com Inc cut its annual revenue and profit forecasts on Thursday, as the cloud-based business software maker allowed clients to defer payments and provided its sales team one-time commissions amid the COVID-19 pandemic. Shares fell 3 per cent in choppy extended trading as investors shrugged off a first-quarter revenue beat. Most of the expenses were recorded in the first quarter, including $140 million in sales commissions, Chief Executive Officer Marc Benioff said on an earnings call. Benioff said organizations around the world are accelerating their plans for work-from-anywhere environment, helping Salesforce sign more deals. “I’ve been on more sales calls with more CEOs in the last two months than at any time in my career,” Benioff said. The company has beefed up its cloud business through acquisitions - spending more than $16 billion last year - to fend off growing competition from rivals such as Oracle Corp and Ger
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