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Salesforce: major deals are taking longer to close, if they close at all.

June 3, 2024
The Wall Street Journal
Summary
Salesforce has experienced a slowdown in growth, with fiscal first-quarter revenue increasing by just 10.7% and a forecasted 7% growth rate for the current period, both falling below Wall Street's expectations. Billings grew by a mere 3%, and the company's current remaining performance obligation rose 9.5%, marking its first single-digit increase. Despite achieving over 32% in adjusted operating margins, the market's focus on top-line growth led to a significant 20% drop in Salesforce’s stock. The broader cloud software industry also faces challenges, as companies like Workday, Snowflake, and others report slower deal closures and increased scrutiny, partly attributed to growing investments in AI.
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