Salesforce CEO calls guidance 'appropriately conservative' as stock declines after earnings

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In a Wednesday interrogation with CNBC's Jim Cramer, Salesforce CEO Marc Benioff defended the guidance his institution issued — adjacent arsenic the figures disappointed Wall Street.

"Our results are perfectly fantastic and our guidance is also, you know, is ever appropriately conservative," Benioff said.

The endeavor bundle institution posted its quarterly results Wednesday aft close. Although the institution shared disappointing guidance, it managed to bushed estimates for net and revenue. The banal dipped much than 5% successful extended trading.

Salesforce has lagged down its peers this twelvemonth arsenic investors interest astir the company's gross growth, which has stalled successful the azygous digits since the mediate of past year, CNBC reported. The banal is down implicit 23% year-to-date.

Benioff said Salesforce's customers are pleased with its artificial quality cause product, which helium said is not conscionable "repackaged ChatGPT," but exertion that is "giving them the quality to fundamentally alteration their business."

Salesforce has besides reshaped its ain concern with AI agents, according to Benioff. He said the institution has "reduced the fig of heads we person successful work and enactment due to the fact that we person supplemented that with agents."

Benioff said Salesforce has seen occurrence with its biggest customer, the U.S. government. He said the outfit does concern with the Department of Defense and managed to bushed retired Palantir successful a woody with the the army.

"We had a tremendous occurrence against Palantir, because, by the way, our prices are conscionable truthful overmuch lower," Benioff said. "We're offering a precise competitory merchandise arsenic a overmuch little cost," helium continued.