Salesforce plummets as weak forecast sparks concerns of AI competition


A logo of Salesforce is seen at its exhibition space at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris France June 16 2022. REUTERSBenoit Tessier

A logo of Salesforce is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier

(Reuters) -Salesforce shares slumped about 18% on Thursday, after its lowest-ever quarterly revenue growth forecast raised fears that high interest rates and rival AI offerings were hampering demand at the cloud-based software firm.

The company could lose more than $48 billion in market value if losses hold, as it also reported quarterly revenue that was below expectations for the first time since 2006.


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