Salesforce catches a break
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 2 March 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
Salesforce reported better than expected earnings on Wednesday amid a fight with activist investors, Bridgewater Associates is set to cut about eight per cent of its workforce, and Chinese factories are on a charm offensive.
Mentioned in this podcast:
Salesforce earnings provide some respite amid activist fight
Bridgewater to cut jobs and cap flagship fund in post-Dalio overhaul
Chinese factories launch charm offensive for buyers after Covid isolation
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.3 | Good morning from the Financial Times. Today is Thursday, March 2nd, |
| 0:13.7 | and this is your FT News Briefing. |
| 0:19.2 | Salesforce finally caught a break, and the world's biggest hedge fund is shrinking. |
| 0:25.1 | Plus, Chinese exporters are turning on the charm, |
| 0:27.8 | we'll take a look at whether it's working. I'm Mark Filipino, and here's the news you need to start your day. |
| 0:40.3 | The business software company Salesforce is battling activist investors who have been unhappy |
| 0:45.3 | with the failing stock price and want to shake things up. Yesterday, Salesforce got a win. |
| 0:50.8 | It said fourth quarter earnings beat Wall Street's revenue expectations, |
| 0:54.4 | and the company forecast a stellar 2024. Shares soared to find out what this means for the company. |
| 1:01.3 | I'm joined by the FT's venture capital correspondent, George Hammond. Hi, George. |
| 1:05.5 | Hey, how you doing? |
| 1:07.5 | So, George, investors love this. I mean, the stock shot up as much as 16% after the bell. |
| 1:13.2 | What was all the optimism about? |
| 1:15.7 | So, the company's been having a bit of a tough time, as you mentioned, |
| 1:18.9 | there's these factors to go into the stock in recent months. |
| 1:23.0 | There's been this increasing pressure on Salesforce, and I think that comes against the backdrop |
| 1:27.2 | of declining share price, growth has been slowing down, and Salesforce's story for the 25, 24 years |
| 1:35.0 | that has been in business has been growth growth growth. So, with that slowing, there has been more |
| 1:41.4 | scrutiny, more pressure, and I think the story has become a little bit tricky for the company, |
| 1:46.2 | and it's found my penny off. So, the kind of structural thing that's going on underneath this |
... |
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