Salesforce co-CEO Keith Block downplays profit projection
Salesforce co-CEO Keith Block maintains the software company is in a secure position, despite little earnings-per-share guidance for the fourth quarter.
CNBC host Jim Cramer spoke with Block, who stated, "Our business looks strong in the fourth quarter. It looks good for the next year.
Salesforce co-CEO Keith Block maintains that the company's earnings-per-share guidance cut is not a significant matter.
Shares of Salesforce closed around $161 and fell 2% during extended trading after it revealed it's per-share earnings guidance of $.54 to $.55 for the fourth-quarter ending in January, which is below Analysts estimations of $.61 per share.
Salesforce's fiscal third quarter ended with a per-share earnings of $.75, leaving the company's revenues at $4.5 billion.
According to Black, Salesforce expected a revenue of $17 billion and confirmed that Salesforce would double in size by fiscal 2024, reaching a revenue of $34 billion to $35 billion.
Despite Salesforce shares climbing some 18% this year, they have underperformed smaller cloud companies, including Shopify and Veeva.