With Stewart Butterfield's departure from Slack on Monday, Salesforce shares continued a drop from last week, spurred by the exit of co-CEO Bret Taylor.
in July 2021, and its stock peaked four months later at almost $310. Since then, it's lost 57% of its value, closing on Monday at $133.93.
Like its high-valued tech peers, Salesforce has been hurt this year by soaring inflation and rising interest rates, which have pushed investors into parts of the market deemed safer in a slowdown. Salesforce's results haven't helped. Last week, the company reported third-quarter revenue growth of 14%, the slowest expansion for any period since the company's IPO in 2004. Its forecast for the fourth quarter is for growth of 8% to 10%.
In a break from third-quarter tradition, Salesforce neglected to provide guidance for its next fiscal year. Analysts at Guggenheim wrote in a report that there were "two elephants in the room." The first was omitting guidance for the coming year. "The second elephant in the room is why Bret Taylor decided to give up his high-profile co-CEO and vice chair position after only a year," wrote the Guggenheim analysts, who have the equivalent of a hold rating on the stock. The analysts reminded clients that three years ago,watch now
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