(Reuters) – Salesforce.com Inc promoted Bret Taylor to co-Chief Executive Officer on Tuesday, and forecast first-quarter revenue that fell below Wall Street’s expectations.
Shares fell 7% to $265.59 in extended trading.
Bret Taylor, who was the company’s chief operating officer, was appointed as the chairman of Twitter Inc’s board on Monday.
The new co-CEO will also hold the role of vice chairman of the company’s board. Both these appointments are effective immediately, the company said.
Salesforce said it expected first-quarter revenues to be between $7.22 and $7.25 billion, compared with Refinitiv IBES estimates of $7.36 billion.
The company reported better-than-expected revenue for the third quarter on Tuesday, boosted by strong demand for its cloud-based software as more companies started to digitalize their operations.
Revenue rose 27% to $6.86 in the quarter ended Oct. 31, beating analysts’ estimate of $6.8 billion, according to IBES data from Refinitiv.
(Reporting by Niket Nishant and Akash Sriram in Bengaluru; Editing by Amy Caren Daniel)
