By Jeffrey T. LewisSalesforce Inc. said Tuesday its profit plummeted in the first quarter after the company reported higher expenses and didn't repeat a gain on strategic investments from a year earlier. The San Francisco-based company had net income of $28 million in the three months through April 30, compared with $469 million in the same period of 2021. The company had earnings per share of 3 cents, from 50 cents a year earlier, and adjusted earnings per share of 98 cents from $1.21. Salesforce's total operating expenses rose to $5.35 billion from $4.05 billion a year earlier, while it reported net gains on strategic investments of $7 million, down from a gain of $288 million a year earlier. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com(END) Dow Jones NewswiresMay 31, 2022 16:46 ET (20:46 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.

Source: Wall Street Journal June 01, 2022 08:54 UTC