Salesforce, Inc. (CRM) Is An Amazing Company, Asserts Jim Cramer

We recently published 15 Stocks Jim Cramer Discussed As He Said CEOs Were Afraid Of Hiring. Salesforce, Inc. (NYSE:CRM) is one of the stocks Jim Cramer recently discussed.

Salesforce, Inc. (NYSE:CRM)’s shares dipped by 4.9% after the firm’s latest earnings report saw it guide midpoint fiscal third quarter revenue at $10.265 billion, while analysts had estimated $10.29 billion. Naturally, not only do software investors like growth in their stocks, but the miss fed into their fears of AI harming Salesforce, Inc. (NYSE:CRM). Cramer was rather somber in his comments about the firm:

“. . .This is this battle between these software companies that are not software-as-a-service and software companies that are. And Salesforce was brutal comeuppance, it was tough for me to watch.

“. . .These are amazing companies, they’re great companies and their products are good. And nobody cares anymore because these are the ones that people think are just being blown up by AI. So these are the ones that are real casualties of AI.

“This was a very big soul search week for me because I really believe in Marc and I believe in Salesforce, my charitable trust owns it. And I am looking so wrong Carl, I don’t like to look this wrong. I just don’t.

“It’s so good perhaps that it’s putting it’s own customers, it’s taking its own customers and saying, listen we don’t need as much more, we can develop our own AI. If Marc can let go 4,000 people because his stuff is working so well, then you say wait a second, if you’re paying per person, which is their old model, this new model is consumption, I also thought that would spare us. All I’m saying is that this was, when I look at Salesforce. . . for a period of around 15 years these were the best software companies in the world. And now they’re just regarded as outlier bad companies that don’t create value. And I’m like, I refuse to believe, . . .Marc Benioff [is] done. . .. [He is] not done. Holy cow!”

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.