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Salesforce Stock Drops Despite Earnings Beat as AI Transition Disappoints
Salesforce Stock Drops Despite Earnings Beat as AI Transition Disappoints
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Salesforce shares plunged 8.5% in early trading Thursday despite exceeding Wall Street's Q2 earnings expectations. The enterprise software giant reported $2.91 EPS on $10.2 billion revenue, surpassing consensus estimates of $2.78 EPS and $10.1 billion. Management's forward guidance also edged above analyst projections.
The selloff reflects investor concerns about the pace of Salesforce's AI-driven transformation. CEO Marc Benioff's recent comments about replacing half the customer support team with AI tools created expectations for deeper cost cuts. Instead, the earnings report revealed a more gradual workforce transition, disappointing traders hoping for immediate margin expansion.
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