Bret Taylor named co-CEO alongside Marc Benioff. Yahoo Finance’s Jared Blikre discusses.
Video Transcript
– Let’s get to Jared because we have Salesforce earnings. Jared.
JARED BLIKRE: Yeah, that’s right. The stock is off about 5% in after hours trading. They did beat on both their top and bottom lines. I don’t want to bury the lead here. They have a new co-CEO. I will get to that in a second. But first, third quarter results, revenue coming in at $6.86 billion, a small beat over the estimate of $6.8 billion. I should note that it was up a 27% year over year. Adjusted EPS was a big beat coming in at $1.27. Estimate was for $0.92.
The fourth quarter– excuse me. The fourth quarter forecast a little bit weaker than estimates. That may be partly responsible for the down move here in the stock. They’re seeing adjusted EPS at $0.72 to $0.73. The estimate was for about $0.10 higher. But let’s get to that new co-CEO designation. It’s going to be Bret Taylor. He is being promoted to Vice Chair of the Board and co-CEO of Salesforce.
This as effective as of immediately. Previously he served as president and Chief Operating Officer since 2019, Marc Benioff the chair and also a CEO who’s going to stay in that position saying, Brett is a phenomenal industry leader who has been instrumental in creating inevitable success for our customers and driving innovation throughout our company. He has been my trusted friend for years, and I couldn’t be happier to welcome him as co-CEO.
