Salesforce Stock Slides As Strong Dollar Clips 2023 Profit Outlook

Sales team (CRM) stocks were sharply lower in pre-market trading after the enterprise software group lowered its full-year revenue forecast despite stronger-than-expected results in the second quarter amid a slump in corporate spending and a rising US dollar.

Salesforce said it sees full-year revenue in the region of $30.9 to $31.00 billion, down from its previous forecast of $31.7 billion to $31.8 billion, in part due to related headwinds. with the rising US dollar and increased competition in the sector. Non-GAAP earnings are expected to come in at about $4.72 a share, a few cents lower than Street’s forecasts, as deals take longer to close companies and cut capital expenditures.


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