Salesforce Inc on Wednesday forecast first-quarter revenue above analysts' estimates and doubled its share repurchase to $20 billion, indicating a strong cash flow for the company that has come under pressure from activist investors.
A logo of Salesforce is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier/File Photoon Wednesday forecast first-quarter revenue above analysts' estimates and doubled its share repurchase to $20 billion, indicating a strong cash flow for the company that has come under pressure from activist investors.
The upbeat forecast and fourth-quarter results that beat analysts' estimates pushed the shares of the cloud-based software provider up 14% in extended trading. They also got a boost from Chief Executive Officer Marc Benioff statement that the company would integrate artificial intelligence into all of its cloud as well as Slack, data analytics platform Tableau and MuleSoft platform.
"I think this quarter does buy Salesforce some time with the activists," says RBC analyst Rishi Jaluria. Several activist investors including Elliott Management Corp and Starboard Value have raised concrens about slowing growth at the Silicon Valley favorite, one of the biggest beneficiaries of the pandemic, and have been
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