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The Federal Reserve will push rates higher than previously expected and keep them there for an extended period.
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Salesforce Inc. on Wednesday did better than expected in the third quarter, but issued a fourth-quarter forecast that fell short of expectations and revealed that co-Chief Executive Bret Taylor is leaving the company.
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Shares of software maker Splunk rose sharply after hours on Wednesday after the company boosted its full-year outlook for profit, sales and cash flow, following cost cuts and third-quarter results that beat expectations. The company, whose software helps businesses track data, said it expected full-year sales of between $3.455 billion and $3.485 billion, up from a prior forecast for between $3.35 billion and $3.4 billion. Executives said they expected free cash flow of "at least" $420 million, up from earlier expectations of $400 million. Shares rose 7.9% after hours. Splunk reported a third-quarter net loss of $32.6 million, or 20 cents a share, compared with a loss of $343.3 million, or $2.14 a share, in the same quarter last year. Revenue was $929.8 million, a 40% jump from $664.8 million in the prior-year quarter. Adjusted for stock-based compensation, amortization, restructuring and software development costs, Splunk earned 83 cents a share. Analysts polled by FactSet expected adjusted earnings of 25 cents a share, on revenue of $847.5 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Salesforce Inc. has twice promoted a seasoned executive to co-CEO to signal an eventual successor to Marc Benioff. It has not worked.
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Mr. Musk, who had said the company was trying to sabotage Twitter, met with Apple's chief executive, Tim Cook, on Wednesday.
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