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Salesforce names Bret Taylor co-CEO, revenue forecast disappoints -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Salesforce Tower, New York City, U.S.A, March 7, 2019, features the company logo of Salesforce.com. REUTERS/Brendan McDermid

(Reuters) – Salesforce.com Inc (NYSE) promoted Bret to Co-Chief executive Officer Tuesday. He forecast the first quarter revenue below Wall Street’s estimates.

Extended trading saw shares fall 7% to $265.59

Bret Taylor (who was also the company’s chief operational officer) was elected chairman Twitter Inc Monday, January 31, 2009 – Board of Directors (NYSE:).

As vice chairman, the co-CEO of the company will now also be the position of co-CEO. These appointments take effect immediately according to the company.

Salesforce stated that it expects first quarter revenues between $7.22 billion and $7.25 trillion, as opposed to Refinitiv IBES estimates at $7.36 billion.

Company reported higher-than-expected revenues for third quarter Tuesday. It was attributed to increased demand for its cloud-based technology as more companies began digitizing their business operations.

The quarter ending Oct. 31 saw revenue rise 27%, to $6.86. That beats analysts’ estimates at $6.8 billion according to IBES data by Refinitiv.

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