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Salesforce leadership change worries Wall Street

Bret Taylor, one of Salesforce’s two CEOs, announced his resignation on Wednesday, Nov. 30. And on Monday, Dec. 5, the company announced the departure of Stuart Butterfield, who joined Salesforce last year after the company bought Slack.

Salesforce also released its third-quarter fiscal year 2023 financial statements. For the three-month reporting period, which ended on Oct. 31, calendar year 2022, Salesforce earned $210 million in net income compared to $468 million in profit a year earlier. Excluding one-time gains and expenses, Salesforce recorded so-called adjusted earnings of $1.4 per share. Analysts polled by Refinitiv had expected the company to report such earnings of $1.21 per security on sales of $7.82 billion. In reality, revenue reached $7.84 billion, up 14% year-over-year.

Salesforce’s emerging cloud services business, Salesforce, posted revenues of $1.72 billion in the third fiscal quarter, up from $1.54 billion a year earlier.

In the three trading days since the Taylor news came out with Salesforce’s third-quarter earnings report, the stock has had two of its three worst days of the year, falling 8.3% and 7.4%, respectively. Salesforce has now lost 47% of its value for the year, compared to a 28% drop in the Nasdaq, and is trading at its lowest level since March 2020, the early days of the Covid-19 pandemic.

Salesforce offers amazing products and solutions for organizing and monitoring all business operations and managing customer interactions.

This is supported by impressive sales automation and analytics tools to track activities internally.

When talking about Salesforce, it is Sales Cloud that is the core of the entire CRM. It has built-in objects (Lead, Contact, Account, Opportunity, Order, Quote, etc.) for working with customers and ready business logic (Lead Conversion, Lead Assignment, Forecasting, etc.). Allows you to build a pipeline, has a rich toolbox for reporting. Sales Console UI allows you to work with several records simultaneously.SaaS -Software as a Service – a model where software is not delivered as an installation package or executable, but mostly as a Web application with a cloud solution hidden under the hood. Read also about the best ways to saas marketing.


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