Salesforce is down about 4.3% on Wall Street after posting revenue growth in the fourth quarter at its lowest pace since 2010, as companies reduce spending on cloud software.
The company also forecast a further slowdown, due to lower demand from financial services and technology companies, in an economic environment still characterized by uncertainty.
Earlier today, the stock had increased in value by 69% year-to-date, ranking fourth among companies in the S&P 500 index that recorded the biggest gains YTD.
In any case, analysts remain positive on the stock and in many cases have raised the target price, citing the possible benefits deriving from the company’s push towards artificial intelligence and signs of improvement in profitability. For the quarter, Salesforce reported net income of $199 million, compared with $28 million a year prior, with operating margin increasing to 5.0% from 0.3%.