estimates

Salesforce cuts annual estimates on COVID-19 hit

(Reuters) – Salesforce.com 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 Salesforce.com 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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Dell beats revenue estimates as remote working lifts workstation demand

(Reuters) – Dell Technologies Inc beat analysts’ estimates for quarterly revenue on Thursday, boosted by demand for its workstations from companies moving more employees to work from home due to the coronavirus crisis.

FILE PHOTO: The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid

Revenue from client solutions group, that accounts for half of the revenue and includes desktop PCs, notebooks and tablets, rose 2% to $11.1 billion in its fiscal first quarter.

Commercial notebooks reported double-digit unit and revenue growth, while mobile workstations posted high-single-digit revenue growth, the company said.

“In Q1, we saw orders with banking and financial services, government, healthcare and life sciences customers up 15% to 20%,” Chief Operating Officer Jeff Clarke said in a statement.

But higher spending by companies towards enabling remote work,

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China’s Nio quarterly revenue misses estimates on COVID-19 hit

Chinese electric vehicle start-up NIO Inc., logo is on display on the trading floor of the New York Stock Exchange (NYSE) as NIO stock begins trading during the company’s initial public offering (IPO) at the NYSE in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid

(Reuters) – Nio Inc on Thursday reported quarterly revenue below Wall Street estimates as the cash-strapped Chinese electric vehicle (EV) maker sold fewer vehicles amid the COVID-19 pandemic, sending its shares down 3%.

Total revenue stood at 1.37 billion yuan ($191.46 million) in the first quarter, compared with the average analyst estimate of 1.67 billion yuan, according to IBES data from Refinitiv.

Auto sales in China tumbled 42% in the first two months of this year from a year earlier, as the outbreak disrupted production and delivery of vehicles.

Nio delivered 3,838 vehicles in the first quarter ended March 31, down from 3,989 vehicles. Sales

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Pinduoduo beats revenue estimates as online shopping demand soars

(Reuters) – China’s Pinduoduo Inc beat first-quarter revenue estimates on Friday as more people shopped on its e-commerce platform during coronavirus lockdowns that have shut most brick-and-mortar outlets.

FILE PHOTO: A display at the Nasdaq Market Site shows a message after Chinese online group discounter Pinduoduo Inc. (PDD) was listed on the Nasdaq exchange in Times Square in New York City, New York, U.S., July 26, 2018. REUTERS/Mike Segar

Stay-at-home orders have boosted demand for online shopping as people stock up on groceries and food items from home and sellers too turn to online platforms to run down inventories.

The growth rate of active buyers in the 12 months ended March remained robust, reaching 628 million, representing an increase of 42% year on year. It took PDD only five years to raise the number above 600 million, further narrowing the gap with competitor Alibaba Group that reported on Friday that

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