Trending: Salesforce Cuts Full-Year Guidance

09:48 ET -- Salesforce Inc. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The software company on Wednesday trimmed its FY guidance and forecast a weaker-than-expected 3Q. Salesforce projects FY revenue of between $30.9 billion to $31 billion, down from a prior target of $31.7 billion to $31.8 billion. It expects adjusted EPS of $4.71 to $4.73, versus $4.74 to $4.76 previously. The company anticipates 3Q revenue of $7.82 billion to $7.83 billion and adjusted EPS of $1.20 to $1.21, where analysts polled by FactSet had penciled in $8.07 billion and $1.28, respectively. Still, Salesforce is aiming to buyback up to $10 billion in its shares. UBS says it likes the company's shareholder-friendly moves but the magnitude of the deceleration in 2Q still gives it pause. A number of analysts cut their targets on the stock, including UBS which moves to $180 from $190 and Truist which moves to $240 from $330. Dow Jones & Co. owns Factiva. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

August 25, 2022 10:03 ET (14:03 GMT)

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