Salesforce names Bret Taylor co-CEO, revenue forecast disappoints




  • In US
  • 2021-11-30 21:15:14Z
  • By Reuters
 

(Reuters) - Salesforce.com Inc promoted Bret Taylor to co-Chief Executive Officer on Tuesday, and forecast first-quarter revenue that fell below Wall Street's expectations.

Shares fell 7% to $265.59 in extended trading.

Bret Taylor, who was the company's chief operating officer, was appointed as the chairman of Twitter Inc's board on Monday.

The new co-CEO will also hold the role of vice chairman of the company's board. Both these appointments are effective immediately, the company said.

Salesforce said it expected first-quarter revenues to be between $7.22 and $7.25 billion, compared with Refinitiv IBES estimates of $7.36 billion.

The company reported better-than-expected revenue for the third quarter on Tuesday, boosted by strong demand for its cloud-based software as more companies started to digitalize their operations.

Revenue rose 27% to $6.86 in the quarter ended Oct. 31, beating analysts' estimate of $6.8 billion, according to IBES data from Refinitiv.

(Reporting by Niket Nishant and Akash Sriram in Bengaluru; Editing by Amy Caren Daniel)

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