Why Salesforce Stock Dropped Today

Shares of Salesforce.com (NYSE: CRM) dropped by as much as 5% today after enterprise software peer SAP (NYSE: SAP) reported third-quarter results and issued a gloomy outlook going forward. As of 3:20 p.m. EDT, the stock was down 4%. The broader market is also tanking as COVID-19 cases in the U.S. have hit fresh records in recent days.

SAP cut its full-year outlook due to ongoing impacts from the COVID-19 pandemic. The software giant now expects adjusted revenue of 27.2 billion to 27.8 billion euros ($32.1 billion to $32.8 billion) in 2020, down from its prior forecast of 27.8 billion euros to 28.5 billion euros ($32.8 billion to $33.7 billion).

Image source: Salesforce.

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Source Fool.com