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Why Salesforce Stock Plunged Today

TheMotleyFool

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Shares of salesforce.com (NYSE: CRM) fell 8.9% on Wednesday after the cloud computing leader announced a blockbuster acquisition alongside its fiscal 2021 third-quarter results.

Salesforce's revenue jumped 20% year over year to $5.42 billion, besting Wall Street's expectations for revenue of $5.25 billion. The software giant also delivered strong profit growth; its adjusted operating income climbed 23% to $1.1 billion.

The coronavirus pandemic is driving more companies to adopt work-from-home arrangements and distributed workforces, which in turn is accelerating their shift to the cloud. "We're rapidly moving to an all-digital world, where work happens wherever people are," CEO Marc Benioff said in a press release.

Source Fool.com

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