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Salesforce.com Q4 Results Top Wall Street View, Co-CEO Keith Block To Step Down

Shares of Salesforce.com Inc. (CRM) slipped nearly 3% in after-hours trading Tuesday. The cloud-based enterprise software marker reported a fourth-quarter profit that trumped Wall Street estimates as did its revenues. However, the company announced that its co-Chief Executive Keith Block is stepping down.

Salesforce announced that Block has stepped down as co-CEO of Salesforce and Marc Benioff is Chair and CEO of the company. Block is remaining as Advisor to the CEO.

Salesforce also announced today that it has named Gavin Patterson, former BT Group plc Chief Executive, its President and CEO of Salesforce International.

Salesforce fourth-quarter loss of $248 million or $0.28 per share, compared with last year's profit of $362 million or $0.46 per share.

On an adjusted basis, earnings were $0.66 per share for the three-month period. Analysts had a consensus earnings estimate of $0.55 per share for the quarter.

Revenues for the quarter rose to $4.85 billion from $3.60 billion last year. Analysts had a consensus revenue estimate of $4.75 billion for the quarter.

Looking forward to the first quarter, Salesforce expects revenues of $4.875 billion to $4.885 billion and adjusted earnings of $0.70 to $0.71 per share. Analysts currently estimate earnings of $0.70 per share and revenues of $4.84 billion for the quarter.

For the full year 2021, the company expects revenues of $21.0 billion to $21.1 billion and adjusted earnings of $3.16 to $3.18 per share. Analysts currently estimate earnings of $3.10 per share and revenues of $20.93 billion for the period.

CRM closed Tuesday's trading at $181.27, down $4.67 or 2.51%, on the NYSE. The stock further slipped $5.78 or 3.19% in the after-hours trading.

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