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Salesforce Stock Is Tumbling Thursday: What's Going On?
Salesforce Inc (NYSE:CRM) shares are trading lower Thursday after the company reported first-quarter financial results and issued weak guidance for the second quarter. Multiple analysts also lowered price targets following the print.
Q1 Revenue: $9.13 billion, versus estimates of $9.147 billion
Q1 EPS: $2.44, versus estimates of $2.38
Salesforce reported its first top-line miss in more than a decade late Wednesday, according to Benzinga Pro. Despite missing estimates, first-quarter revenue was up 11% on a year-over-year basis.
Cash flow from operations was up 39% year-over-year to $6.25 billion. Free cash flow increased 43% to $6.08 billion. The company ended the quarter ...