Salesforce cuts annual estimates on COVID-19 hit

(Reuters) – Inc cut its annual revenue and profit forecasts on Thursday, as the cloud-based business software maker allowed clients to defer payments and provided its sales team one-time commissions amid the COVID-19 pandemic.

FILE PHOTO: The company logo for is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid

Shares fell 3% in choppy extended trading as investors shrugged off a first-quarter revenue beat.

Most of the expenses were recorded in the first quarter, including $140 million in sales commissions, Chief Executive Officer Marc Benioff said on an earnings call.

Benioff said organizations around the world are accelerating their plans for work-from-anywhere environment, helping Salesforce sign more deals.

“I’ve been on more sales calls with more CEOs in the last two months than at any time in my career,” Benioff said.

The company has beefed up its cloud business through acquisitions

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Top investor in Italy’s Nexi cuts stake as M&A looms

MILAN (Reuters) – The top investor in Nexi has sold 8.8% of the Italian payments group, cutting its holding in a move seen by investors as easing the way for a long-awaited potential merger with rival SIA.

FILE PHOTO: The logo of Italian payments group Nexi is pictured inside their headquarters in Milan, Italy, March 28, 2019. REUTERS/Alessandro Garofalo

Nexi CEO Paolo Bertoluzzo said this month talks with SIA to create an Italian payments giant continued. Sources have told Reuters negotiations will soon focus on key valuation issues.

Mercury UK, a vehicle of private equity firms Advent, Bain Capital and Clessidra, said on Wednesday it had cut its stake in Nexi to 43.3% after selling 55 million shares for 781 million euros.

A banker close to the sale said demand from more than 100 investors, mostly British and U.S., had totalled 2.8 billion euros, with the top 20 buyers accounting

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Tesla cuts prices by as much as 6% in North America to boost demand

BEIJING (Reuters) – Tesla Inc (TSLA.O) has cut prices of its electric vehicles by as much as 6% in North America following a decline in auto demand in the region during weeks of lockdown that have now started to ease.

FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson

Tesla also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs).

Auto retail sales in the United States likely halved in April from a year earlier, showed data from J.D. Power. However, sales in May are likely to improve due to pent-up demand and incentives offered by most carmakers, the analytics firm said.

Automakers including General Motors Co (GM.N), Ford Motor Co (F.N)

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Uber cuts 600 jobs in India as lockdown hits business

FILE PHOTO: Uber’s logo is pictured at its office in Bogota, Colombia, December 12, 2019. REUTERS/Luisa Gonzalez/File Photo

BENGALURU (Reuters) – Uber Technologies Inc will cut around 600 jobs in India as part of its plans to cut 23% of its global workforce, as the company navigates a lockdown that has brought businesses in the country to a grinding halt.

Last week, Uber said it would focus on its core businesses of ride-hailing and food delivery, and cut staffing by more than a third globally in an attempt to become profitable despite the coronavirus pandemic.

“The impact of Covid-19 and the unpredictable nature of the recovery has left Uber IndiaSA with no choice but to reduce the size of its workforce,” Uber India and South Asia President Pradeep Parameswaran said.

The company’s rival in India, SoftBank Group-backed Ola said last week it would cut abut 1,400 jobs as a lockdown

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