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Salesforce shares surged over 8% following a strong earnings report, with third-quarter revenue reaching $9.44 billion, surpassing expectations. The company raised its fiscal 2025 revenue guidance and highlighted a robust pipeline for its AI agent, Agentforce, which closed over 200 deals in the quarter. Analysts from Morgan Stanley, Goldman Sachs, and Bank of America expressed optimism, raising price targets and affirming buy ratings, citing Salesforce's strategic position in the cloud industry.
Amazon faced scrutiny from the House China committee regarding its partnership with TikTok, which allows users to make purchases directly through the app. Lawmakers expressed concerns about the national security risks posed by TikTok, owned by China's ByteDance. Meanwhile, TikTok's future in the U.S. remains uncertain, with a law requiring ByteDance to divest by January 19, 2024, or face a ban.
Reddit's shares surged 35% following a surprise profit in Q3, with revenue rising 68% to $348.4 million and a net income of $29.9 million. The company anticipates Q4 revenue between $385 million and $400 million, exceeding analyst expectations, while daily active users grew 47% to 97.2 million. Analysts praised Reddit's strong performance and structural improvements, likening its transformation post-IPO to a "Dr. Jekyll and Mr. Hyde" story.
Reddit celebrated its IPO on the NYSE, marking a profitable third quarter with a net income of $29.9 million, a significant turnaround from a loss last year. Alphabet also exceeded expectations, driven by a 35% revenue increase in its cloud division. Meanwhile, European banks reported strong profits, and markets showed mixed results amid concerns over Chinese EV stocks following new EU tariffs.
Jonathan Vanian
People
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