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Stock Alert: Salesforce Tumbles 10%

Shares of Salesforce.com, Inc. (CRM) are losing more than 10 percent or $24.76 in Wednesday's morning trade at $216.59.

Tuesday, Salesforce said it has agreed to buy messaging and workflow platform Slack Technologies, Inc. (WORK) for an enterprise value of about $27.7 billion. The deal is anticipated to close in the second quarter of Salesforce's fiscal year 2022.

Salesforce also reported earnings and revenues for the third quarter that trumped Wall Street estimates, but provided earnings guidance for the fourth quarter below estimates.

For the fourth quarter, the company forecast earnings in a range of $0.73 to $0.74 per share and revenues in a range of $5.665 billion to $5.675 billion. Analysts polled by Thomson Reuters expect the company to report earnings of $0.86 per share on revenues of $5.52 billion.

Salesforce.com has traded in a range of $115.29 to $284.50 in the past 52 weeks.

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