Bret Taylor resignation news overshadows Salesforce Q3 improvement

Bret Taylor stepping down as co-CEO of Salesforce in a stunning announcement that appeared to come out of nowhere is making far more headlines than Salesforce’s 14 per cent increase in third-quarter sales.

“After a lot of reflection, I’ve decided to return to my entrepreneurial roots. Salesforce has never been more relevant to customers, and with its best-in-class management team and the company executing on all cylinders, now is the right time for me to step away,” Taylor said in a statement announcing his resignation.

Despite exceeding analysts’ expectations, this statement did not allow revenue growth to thrive across headlines. Salesforce reported revenue growth of $7.8 billion for the quarter ending October 31, with subscription and support revenue increasing by 13 per cent year on year to $7.2 billion, while professional services and other revenues increased by 25 per cent to $604 million.

Despite the strong third-quarter performance, Salesforce’s share price fell more than 9 per cent in Thursday morning trading, as much of the industry commentary focused on Taylor’s resignation.

The sources for this piece include an article in CIO.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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