CRM Stock Downgraded As Salesforce Faces A ‘Growth Purgatory,’ Analyst Says

Salesforce's cost cutting isn't enough to drive a sustained rally as the software maker faces a "growth purgatory," said an analyst who downgraded CRM stock. Read More...

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Why Salesforce Stock Was Gaining Today

Shares of Salesforce (NYSE: CRM) were moving higher Monday on reports that management might institute another round of layoffs beyond the one it announced last week, when it said it was cutting roughly 10% of its staff, or 8,000 employees. At an all-hands meeting on Thursday following that initial round of job cuts, CEO Marc Benioff seemed to suggest that more reductions could be coming. Benioff noted that about 95% of the company’s deals come from half of its account executives, implying that there’s a lot of wasteful spending at the company or underperformance among its sales force.

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