TECH - Jim Cramer Says Salesforce Stock Slide Can Be Traced Back To Nvidia: 'Let's Not Buy A Really Big Software Package...' | Benzinga
Jim Cramer believes the swift selloff in shares of Salesforce Inc (NYSE:CRM) on Thursday can be linked back to NVIDIA Corp (NASDAQ:NVDA) and the advancement of AI.
What To Know: Salesforce stock is down more than 20% at the time of writing following the company’s first revenue miss in more than a decade. The enterprise cloud company reported first-quarter revenue of $9.13 billion, missing estimates of $9.147 billion, according to Benzinga Pro.
Salesforce also issued weak guidance for the second quarter, forecasting revenue in the range of $9.2 billion to $9.25 billion versus estimates of $9.34 billion, and adjusted EPS of $2.34 to $2.36 versus estimates of $2.40.
Salesforce’s surprise miss is dragging down several software stocks on Thursday, and rightly so, according to Cramer. He believes the rapid advancement of AI ...