Salesforce Inc. on Wednesday cut its full-year revenue forecast to below market estimates over a sharp hit from a strong dollar and strong competition in cloud computing, sending shares down 6% in extended trading.
The San Francisco, California-based company now expects revenue of $30.90 billion to $31.00 billion, lower than the $31.70 billion to $31.80 billion it forecast in May, and below Wall Street estimates of $31.73 billion.
Salesforce revenue forecast accounts for about $800 million hit from a strong dollar, a third higher compared to its outlook in May.
Salesforce reported revenue of $7.72 billion in the second quarter ended July 31, up 22% from last year.
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