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HomeAll newsMost read newsBusiness Leaders Biography
Age : 54
Public asset : 5,170,141,790 USD
Linked companies : salesforce.com, inc.
Biography : Mr. Marc R. Benioff is a Chairman at Salesforce.com Foundation, a Chairman & Co-Chief Executive Offi

Salesforce co-CEO Keith Block steps down, Marc Benioff to be sole chief

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02/25/2020 | 10:02pm EDT
The company logo for Salesforce.com is displayed on the Salesforce Tower in New York

Salesforce.com Inc said on Tuesday Keith Block has stepped down as co-chief executive officer, making Marc Benioff the sole CEO of the business software company, sending its shares down nearly 3% in extended trading.

Block was widely seen as a potential successor to Benioff, who founded the company in 1999, and will continue as the chairman.

The company has spent more than $16 billion last year for acquisitions, adding muscle to its cloud products as it fends off competition from bigger rivals like Oracle Corp and German competitor SAP.

Salesforce forecast first-quarter revenue between $4.88 billion and $4.89 billion, compared with analysts' estimates of $4.84 billion, according to IBES data from Refinitiv.

The company reported a net loss of $248 million, or 28 cents per share, for the quarter ended Jan. 31, compared with a net income of $362 million, or 46 cents per share, a year earlier.

On an adjusted basis, the company earned 66 cents per share, beating estimates of 56 cents per share.

The company's total revenue rose 34.6% to $4.85 billion, above estimates of $4.75 billion.

(Reporting by Neha Malara in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta)

Stocks mentioned in the article
ChangeLast1st jan.
ORACLE CORPORATION -1.57% 49.015 Delayed Quote.-6.00%
SALESFORCE.COM, INC. -1.59% 132.2 Delayed Quote.-17.41%
SAP AG 0.12% 97.35 Delayed Quote.-19.19%
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