Salesforce Cuts Forecast on Lower IT Spending, Forex Hit

Salesforce Cuts Forecast on Lower IT Spending, Forex Hit
The Salesforce logo on a building in San Francisco on Oct. 12, 2016. Lily Jamali/Reuters
Reuters
Updated:

Salesforce Inc. on Wednesday cut its annual revenue and profit forecasts over “measured” spending from clients and a hit from a stronger dollar, sending its shares down 7 percent in extended trading.

Salesforce also announced stock repurchase of up to $10 billion, its first-ever buyback, while warning of challenges in North America and major European markets for some of its products.