Salesforce stock plunged 20% on Thursday, its worst day since July 2004, dragging the Dow Jones Industrial Average down. The drop followed disappointing fiscal first-quarter results and warnings of slowing sales growth.
Executives cited "measured buying behavior" and "elongated deal cycles" as key issues. Analysts expressed concern over Salesforce's potential return to acquisition-driven growth, recalling costly past purchases like Slack and Tableau.
CEO Marc Benioff hinted at openness to large acquisitions, despite earlier plans to pause such deals. As the tech sector increasingly focuses on AI, there's pressure on Salesforce to keep pace without over-relying on mergers and acquisitions.
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