Shares of Salesforce.com Inc. (NYSE: CRM) slumped about 8% by afternoon trade. The cloud software maker reported fiscal first quarter results late on Thursday. Even though non-GAAP earnings were in-line with estimate and revenue topped expectation, investors were disappointed due to sequential decline in deferred revenue and earnings guidance for the current quarter. Deferred revenue is a key gauge for future orders as the Company follows subscription based business model. Net loss also widened in the first quarter as higher interest expenses and operating costs put pressure on the bottom line.
Continue reading Major Movers on May 24; CRM, ARO, ANF, DF, SHLD, BLOX