Software giant Salesforce has seen its share price slump in late trading after weak Q3 forecasts
Software giant Salesforce saw its share price plummet in after hours trading late last night, after it warned of worse-than-expected results in the third quarter.
Although the firm reported a 25 per cent jump in revenues to $2bn (£1.5bn) for the three months to July, it failed to meet analyst projections for the subsequent three months.
Analysts had predicted earnings of $0.24 per share for the quarter to October, but Salesforce forecast an adjusted profit of $0.20 to $0.21.
Salesforce, which has given its name to London skyscraper 110 Bishopsgate, or Heron Tower, saw its share price fall 5.88 per cent to $74.75 in after hours trading.
Shares had closed trading at $79.83 on Tuesday.
The firm also reported a dramatic increase in year-on-year net income for the quarter, which surged to $229.6m from a loss of $852,000 in the previous year.