Salesforce Reports A Decent Quarter With A Big AI Promise
Portfolio Pulse from Upwallstreet
Salesforce (CRM) reported Q1 revenue of $8.25 billion, beating estimates, and raised full-year earnings guidance. However, the stock dropped 7% due to higher-than-expected capital expenditures. The company faces challenges from Microsoft (MSFT) and Google in the AI race, with Salesforce's Einstein GPT competing against Microsoft's Dynamics 365 and Google's Bard AI.
June 02, 2023 | 4:18 pm
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Salesforce reported better-than-expected Q1 results and raised full-year guidance, but the stock dropped 7% due to higher capital expenditures. The company faces AI competition from Microsoft and Google.
Salesforce's stock dropped 7% despite beating estimates and raising guidance, as higher capital expenditures raised concerns. Additionally, the company faces strong competition in the AI space from Microsoft and Google, which could impact its market position and growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
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Microsoft is a key competitor for Salesforce in the AI race, with Dynamics 365 posing a challenge to Salesforce's Einstein GPT.
Microsoft's Dynamics 365 is a competitor to Salesforce's Einstein GPT in the AI space. While this highlights Microsoft's strong position in the market, the direct impact on its stock price in the short term is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50