Salesforce.com Inc announced Keith Block stepped down from the co-chief executive officer position, leaving Marc Benioff as the sole CEO of the business software company, plummeting shares nearly 3% in extended trading.
Block was seen as Benioff’s potential successor. Benioff founded the company in 1999 and shall continue as the chairman.
Salesforce has spent over $16 billion last year on acquisitions, adding muscle to its cloud products fending off competition from rivals like Oracle Corp and German competitor SAP.
Salesforce first-quarter revenue forecast was between $4.88 billion and $4.89 billion, as compared to analysts’ estimates of $4.84 billion.
Salesforce reported a net $248 million loss, or 28 cents per share, for the quarter ended Jan. 31, as compared to a net income of $362 million, or 46 cents per share, a year earlier.
Salesforce’s total revenue rose 34.6% to $4.85 billion, above $4.75 billion estimates.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.