Weak guidance was a major theme in software company earnings reports this week, leading investors to rush for the exits.
Many other enterprise technology companies offered similarly troubling commentary.Marc Benioff, co-founder and CEO of Salesforce, speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2023.CEO said on his company's earnings call that generative artificial intelligence has been "a competing priority" for customers.
The WisdomTree Cloud Computing Fund, an exchange-traded fund that tracks cloud stocks, slid 5% this week, the sharpest decline since January., which sells PCs and data center hardware to businesses, bumped up its full-year forecast on Thursday and said its backlog for AI servers had grown to $3.8 billion from $2.9 billion three months ago.
Okta's stock price fell almost 9% for the week. Analysts cited weaker-than-expected subscription backlog. The company said economic conditions are hurting the identity software maker's ability to sign up new customers and get existing ones to expand purchases.
Breaking News: Technology Technology Business Zscaler Inc Dell Technologies Inc Mongodb Inc Sentinelone Inc Veeva Systems Inc Uipath Inc Paycom Software Inc Gitlab Inc Confluent Inc Snowflake Inc. Servicenow Inc Salesforce Inc Okta Inc Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CNN reporter warns Biden's polling as incumbent in presidential primary is historically 'weak, weak, weak'CNN senior data reporter Harry Enten discussed how recent polling numbers put President Biden as the weakest presidential incumbent in a primary race since George H.W. Bush.
Read more »
US stock futures rise as weak payrolls put rate cuts back on the menuUS stock futures rise as weak payrolls put rate cuts back on the menu
Read more »
Outlook remains weak for this airline stock with balance sheet in focusOutlook remains weak for this airline stock with balance sheet in focus - BofA
Read more »
Exxon trouncing Salesforce since software stock replaced oil giant in the Dow four years agoStocks that are kicked out of the Dow typically outperform their replacements.
Read more »
Bernstein says the pullback in this AI software stock should be boughtBernstein says the pullback in this AI software stock should be bought
Read more »
Why Macquarie says this software stock is "well prepared for the storm"Why Macquarie says this software stock is "well prepared for the storm"
Read more »