Salesforce Inc. experienced a significant 16-20% drop in its stock value as the company announced its slowest sales growth ever and issued a weak revenue forecast for the current quarter. Concerns about competition in the AI sector and doubts about the company's relevance in the AI-driven industry contributed to the stock plunge.
Despite past strong revenue increases, the disappointing outlook led to a double-digit decline in stock value after hours, marking a significant shift in investor sentiment. The overall stock market also faced declines amidst worries about inflation, GDP slowdown, and Salesforce's underperformance, with notable drops in the Dow Jones Industrial Average and the S&P 500.
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