On June 11, Salesforce declined 3.17% in regular trading, trading at $165.005/share, with turnover of $581 million. The stock has continued its recent slide amid multiple headwinds weighing on investor sentiment.

On the news front, Salesforce initiated a new round of layoffs affecting staff working on its Agentforce AI product, Mulesoft IT integration tool, and Marketing Cloud software. A regulatory WARN notice filed in California listed 86 job cuts spanning sales, technology and product, and general administration roles. The layoffs come as market concerns intensify over AI proliferation potentially disrupting the traditional enterprise software landscape, with Anthropic, Microsoft, and OpenAI accelerating their push into enterprise-grade AI markets and posing direct competitive threats to Salesforce's core business.

Adding to the pressure, the company's previously issued Q2 revenue guidance of $11.27-11.35 billion fell short of the consensus expectation of $11.4 billion, prompting multiple Wall Street firms to cut their price targets. Barclays lowered its target to $236 from $252, while Bernstein reduced its target to $173 maintaining an Underperform rating.

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