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Earnings Results: Salesforce predicts record earnings, but the stock is still falling

Earnings Results

After leading Dow’s gainers so far in 2023, Salesforce shares dip in after-hours trading despite forecast calling for record profit in second quarter and for the full year

Salesforce Inc. reported fiscal first-quarter earnings Wednesday afternoon.

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Salesforce Inc. executives predicted record adjusted earnings in the second quarter and increased their guidance for record profit for the full year Wednesday, but shares still declined about 6% in after-hours trading.

Salesforce CRMhas easily been the biggest gainer among Dow Jones Industrial Average DJIAcomponents this year, increasing more than 65% amid a wave of activist-investor activity and Chief Executive Marc Benioff’s pivot from focusing on revenue growth to expanding profit margins with layoffs and other cost cuts….

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