HomeEquities ScoreWhy salesforce.com inc (CRM) stock had a bad Tuesday?

Why salesforce.com inc (CRM) stock had a bad Tuesday?

salesforce.com inc. (CRM) shares fell 6.13% in after-hours on Tuesday, November 30, 2021, and closed the daily trading at $267.49. Even in the regular trading session of Tuesday, CRM’s stock lost 3.97%. CRM shares have risen 15.93% over the last 12 months, and they have moved down 4.00% in the past week. Over the past three months, the stock has gained 7.42%, while over the past six months, it has surged 21.46%.

Let’s have a look at its recent news and developments.


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CRM participation in the upcoming events

Salesforce will participate in the Credit Suisse Annual Technology Conference which is to be held on Wednesday, December 1, 2021, at 10:05 a.m. (PT) / 11:05 a.m. (MT) in Scottsdale, AZ. Bret Taylor, Vice-Chair & Co-CEO will present the company during the event.

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CRM will also participate in the Wells Fargo Virtual Annual TMT Summit which is scheduled on Thursday, December 02, 2021, at 11:40 a.m. (PT) / 2:40 p.m. (ET). Amy Weaver, President & CFO, will present the company during the event.

CRM Corporate update

On November 30, 2021, Salesforce (CRM), promoted Bret Taylor to Vice-Chair of the Board and Co-CEO of Salesforce, effective immediately. Taylor has served as Salesforce’s President and Chief Operating Officer since 2019, and previously served as the company’s President and Chief Product Officer.

The company also appointed Laura Alber, President and Chief Executive Officer of Williams-Sonoma, Inc., and Oscar Munoz, former chairman and CEO, United Airlines, to the Salesforce Board of Directors.

CRM latest financial results

On November 30, 2021, Salesforce (CRM) announced results for its third quarter of fiscal 2022 ended October 31, 2021.

Q3 2022 financial highlights

  • CRM reported total revenue of $6.86 billion in Q3 2022 compared to $5.4 billion in Q3 2021.
  • The total cost of revenue was $1.84 billion in Q3 2022 compared to $1.4 billion in Q3 2021.
  • Total operating expenses were $4.98 billion in Q3 2022 compared to $3.8 billion in Q3 2021.
  • It earned a net income of $468 million in Q3 2022 compared to a net income of $1.08 billion in Q3 2021.
  • Third-quarter GAAP diluted earnings per share were $0.47, compared to $1.15 in Q3 2021.

FY 2022 financial outlook

Conclusion

Well, all the recent news from yesterday are positive ones but its share price still went down in both trading sessions on Tuesday, which is a bit strange. Let’s see how it performs in the coming trading session on Wednesday?

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